Related topics: |  Key Data | Budget & Plan| Budget 2000

APPENDIX XVIII

INCENTIVE FOR TOURISM SECTOR

In line with the Government’s continuous effort to enhance the tourism sector, tour operating companies are given tax exemption on income derived from the business of operating domestic tour packages participated by at least 500 inbound tourists per year. In addition, companies organising domestic tour packages are also given income tax exemption on income derived from tour packages which are participated by at least 1,200 local tourists per year. Both these incentives are extended until year of assessment 2001 (current year basis) through Income Tax (Exemption) (No. 6) Order 2000 [P.U.(A) 67] and Income Tax (Exemption) (No. 7) Order 2000 [P.U.(A) 68].

APPENDIX XIX 

TAX TREATMENT TO ENCOURAGE THE USE OF
INFORMATION TECHNOLOGY (IT) TO IMPROVE
BUSINESS AND MANAGEMENT PROCESSES

        To enhance productivity and efficiency in the manufacturing, agriculture and services sectors through the usage of IT, all operating expenditure including payments for consultancy services related to the usage of IT in improving management and production processes are allowed as a deduction in the computation of income tax.

        This measure is effective from year of assessment 2000 (current year basis) and implemented through Income Tax (Deduction For Information Technology Related Expenditure) Rules 2000 [P.U.(A)51].

APPENDIX XX

REVIEW OF STAMP DUTY ON THE INSTRUMENT
OF TRANSFER FOR HOUSES

In order to assist the low and middle income groups to own houses, the home ownership campaign for the low and medium cost houses is extended for two years starting from 1 January 2000 until 31 December 2001. During the promotion period, stamp duty on the instrument of transfer is exempted as follows:

This exemption is applicable to all sales and purchase agreements executed between 1 January 2000 and 31 December 2001 and implemented through Stamp Duty (Remission) Order 2000 [P.U.(A) 62].

APPENDIX XXI 

REDUCTION OF IMPORT DUTY
ON SELECTED PRODUCTS

As a continuous effort to enhance the competitiveness of local producers, import duty on 305 products which were long protected has been reduced effective from 4.00 p.m. on 29 October 1999. This reduction is implemented through Custom Duties (Amendment) (No.9) Order 1999 [P.U.(A) 456].

APPENDIX XXII

REDUCTION OF IMPORT DUTY
ON FOOD PRODUCTS

In order to increase the supply of food products and to curb inflation, import duty on selected food products has been reduced or abolished effective from 4.00 p.m. on 29 October 1999. This reduction/abolition is implemented through Custom Duties (Amendment) (No. 9) Order 1999 [P.U.(A) 456].

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LIST OF FOOD PRODUCTS

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