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PACIFIC WATCH

Singapore

March 01, 1993|From Times Staff and Wire Reports

Corporate, Income Taxes Lowered: Singapore Finance Minister Richard Hu unveiled budget-cutting corporate and income taxes as well as offering incentives to companies. Presenting the government budget in Parliament for the fiscal year April 1, 1993, to March 31, 1994, Hu announced a three-percentage-point reduction in corporate and income taxes, both to become effective this year. That will bring the corporate tax rate down from 30% to 27%, while the top rate of income tax is reduced from 33% to 30% with proportionate reductions in other tax brackets.

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