The Economic Expansion Incentives Act was enacted on December 15 1967 in Singapore to provide income tax relief to various businesses.
The Act hints at Government of Singapore’s effort to boost economic activity and development. The Government recognizes the fact that the country is abundant in high skilled labor with high costs of doing business and advantage the country has in providing high quality services within the country and to other countries. The country has focused on service industry due to very low availability and high cost of land which makes it manufacturing quite capital intensive. Other countries in the region that have a larger area than Singapore such as Malaysia focus on an economy based on manufacturing involving a larger workforce.
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