Given Singapore’s desire to become an international financial centre, the lack of significant new incentives to grow the industry was surprising.

By and large, Budget 2010 contained nothing very significant for individual taxpayers.

The Minister mentioned that property tax is a means of redistribution in our society, together with our income tax regime.

Singapore has long put in place favourable tax incentives targeted at traditional shipping businesses.

Currently, 7 percent Goods and Services Tax (GST) is payable on all importation of goods into Singapore at the time of import.