Singapore's 2009 Budget : strong measures for resilience in a recession

This article discusses the tax measures in Singapore's Budget for 2009, announced on 22 January 2009, which deal with the economic downturn. The article first considers the tax measures designed to ease business cash flow and enhance Singapore's competitiveness, including a cut in the corporate tax rate, enhancing the loss carry-back relief and the start-up exemption, and broadening the exemption for foreign-source income. The article then looks at the measures to promote the financial and maritime sectors, including enhancing fund-management activities, recovery of the input GST for qualifying funds, and broadening the withholding tax exemption for the maritime industry.