Singapore's 2006 Budget - to upgrade and restructure the economy and promote growth

Singapore's Budget for 2006 was unveiled by the Prime Minister and Minister for Finance on 17 February 2006. Unlike the previous years' Budgets, which were designed to stimulate the economy, the 2006 Budget weighs more on long-term restructuring and development directions. The Minister stressed that the purpose of the Budget is to build an active economic structure full of opportunities - a caring society without anyone left behind. This article focuses on the tax changes designed to upgrade and restructure the economy, to enhance Singapore's status as a global financial centre, and to promote growth in certain other areas of the economy.