Papers • Paper on “Selective Employment Tax’, undated. • Note to Min(T&I) with attached paper to present findings on the implications of the 4% tax on export profit, taking into account especially any additional data being provided by CIR, dated Oct 1967. • Supplementary paper on “Tax Concession of export profits” dated Oct 1967. • Paper on “Traditional and ‘captured’ markets” dated Oct 1967. • Paper on ‘Implications of the application of export tax concession based on the established market concept” dated Oct 1967. • Scheme parameters and details of exports incentive, dated Nov 1967. • EDB’s paper in Jan 1968 to compare the suite of tax incentives in Singapore with those in other countries. • EDB’s note to PS (Economic Development) in Jun 1969, with attached paper, to inform all EDB’s overseas representatives and officers MOF’s directives relating to the procedure and policy on the granting of export incentives and reporting of major projects.
Legislative documents • Note from PS(Fin) to PS (Economic Development) dated Aug 1967 to forward a copy of a minute from the Commissioner of IRAS together with a revised EEIA Bill. • Note from PS(Fin) to PS (Economic Development) to share a copy of minute from the Commissioner of IRAS and a recast of section 26 of the EEIA Bill, dated Sep 1967. • Revised draft of ‘The Industrial Incentives Bill 1967’, dated Sep 1967. • Legislation titled ‘The Industrial Incentives (Relief from Income) Act 1967’, dated Sep 1967. • Note from Solicitor-General to PS(Fin) dated Sep 1967 explaining the changes to the legislative draft of the EEIA Bill 1967. • Extract from the draft decisions of the (67)46th Meeting of the Cabinet held in Oct 1967 stating that Cab agreed to introduce Bill in Parliament. • Advice from AG to PS (Economic Development) in Nov 1969 to clarify the interpretation of section 56 on Pioneer Industries (Relief from Tax). • Commencement notification dated Nov 1970 for EEIA Act 31 of 1970.
Correspondence (internal to WOG) • Note from PS (Economic Development) to PS(Fin) dated 21 Aug 1967 to ask when the Industrial Expansion Bill will be ready for presentation to Parliament, as Shell was very keen to know what oil products will be eligible for the tax incentives announced in 1966. • Note from Chairman EDB to PS(Fin) dated Aug 1967 to seek PS’s agreement for his Dir and DD to attend in place of him with Min(F). • Note from Dir (EDB) to Min(T&I) to draw his attention to the subclause (3)(b) of Clause 19 relating to the expansion incentive as contained in the final draft of the Bill, dated Aug 1967 • Note from PS (Economic Development) to Dir (Trade) dated Oct 1967 on ‘Administration of Export Incentive’. • Note from DS (Economic Development) to Min(T&I) in Oct 1967, laying out the detailed considerations behind achieving either of the four objectives (increase exports, diversify markets, increase/maintain revenue, reward the efficient), using the fiscal incentive of a 4% tax on export profits. • Note from Chairman EDB to PS(Fin) in Nov 1967 recommending to substitute certain expressions in second line of Clase 20 of draft Bill with a more accurate term. • Reply from PS(Fin) to EDB Economic Development Advisor in Jan 1968, in response to EDB’s Apr 1967 note to Mr Ngiam Tong Dow, to recommend grant credit for estate duty purposes in place of reducing the estate duty in Singapore for non-residents. • Reply from AG to Commissioner of Customs and Excise in Feb 1968 to accept or reject drafting amendments that were suggested by the Commissioner of IRAS (to draft Regulations 7, 8, 15, 17, 22, 25, 27, 29, 30-32, 35-36), with the attached draft regulation for EEIA Act 36 of 1967. • Advice from AG to Min(T&I) in Feb 1969, suggesting certain procedures to be set out and adopted for the scrutiny of applications submitted by manufacturers or potential investors. • Note from PS (Economic Development) to Chairman EDB in Jun 1969 that no commitment on any aspect of the EEIA Act may be made by EDB officers in Singapore or overseas, without Ministry approval. • EDB’s office notes in Jun 1969 to Min(T&I), relating to the case of Unit Wood, and EDB’s policy recommendations in response to Min(T&I)’s guidance to have flexibility in carrying out negotiations with investors on the export incentives according to the merits of the project. • Note from PS (Economic Development) to Chairman EDB in Aug 1969 to seek views on proposed procedures whereby EDB either refers all applications and enquiries to the Ministry for a decision or that EDB seeks periodically the Ministry’s policy on incentives accorded to individual industries, to avoid EDB making mistakes amid the need for quick responses to rapid changes in business environment. • Note from Sgd. Goh Keng Swee to Chaiman EDB in May 1970 that long-term commitments by incentivised companies should be tightened, and that the commitment of the investor should be set out in the Letter of Intent/Award in sufficient detail, including the scenario of withdrawal of concessions.
Media materials • Newspaper clipping dated Sep 1967 with PS(Fin) stating that the final drafts of the Government’s proposed export incentives were being prepared and it was hoped that they would be embodied into law. • Newspaper clipping dated Oct 1967 featuring Singapore Manufacturers Association’s warning that any further delay in introducing export incentive legislation would seriously affect industrial expansion in Singapore. • Newspaper clipping dated Oct 1967 featuring Singapore International Chamber of Commerce’s remarks of manufacturers’ anxiety about the tax incentives announced. • MOF’s press statement for a consolidated Bill for “Promoting Rapid Economic Growth”, dated Nov 1967. • Newspapers clipping dated Nov 1967 which explained the EEIA legislative change to incorporate existing tax incentives for Pioneer industries. • Newspapers clipping dated Nov 1967 which reflected Singapore Manufacturers Association’s unhappiness towards Government’s proposal to provide incentives to export-oriented industries, to restrict the benefits to firms exporting a specific Singapore product which has an “established market”. • Speech drafts for Min(F)’s 2R of EEIA Bill dated Dec 1967, covering incentives for exports and market diversification, tax concessions on payments for foreign royalties, licensing fees, R&D costs and interest liabilities arising from qualified foreign loans, repeal and re-enactment of Pioneer Industries Incentives.
Aug 1967 to Nov 1970
MTI 7671 - 006
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