Singapore: “Global trader programme” expanded | KPMG | GLOBAL

Singapore: “Global trader programme” expanded, concessionary income tax rates

Singapore: “Global trader programme” expanded

A “global trading programme” in Singapore aims to support global trading companies that undertake certain qualifying transactions with respect to certain commodities and products.

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The programme offers a concessionary income tax rate of 5% or 10% on qualifying income for a period of three (entry-level award) or five years (renewable, subject to approval).

Measures in the 2017 budget (and effective from 21 February 2017) simplify the “global trader programme” in an effort to encourage more trading activities in Singapore. Among the changes are items that revise a “qualifying counterparties” requirement; remove a “not for local consumption” requirement; remove an “exclusion of local value-add activities” condition; revise the definition of a “global trading company;” and change the definition of “qualifying company.” 

KPMG observation

The changes to the programme are viewed as supporting a fuller array of trading activities.

 

Read an August 2017 report [PDF 744 KB] prepared by the KPMG member firm in Singapore

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