The scarcity of land and high cost of production in Singapore while abundance of land and low cost of production in Malaysia has resulted in shifting of service oriented sectors like software development and design and financial sector from Malaysia to Singapore and production oriented companies from Singapore to Malaysia.
The government of Singapore offers several financial and tax incentives to businesses based on productivity, size of workforce, capital employed and contribution to the economy. The Economic Expansion Incentives Act as the name suggests is one of the government’s initiatives to offer incentives to businesses. The financial and tax incentives are mostly offered through this Act to various sectors of the economy. These incentives are mainly offered to 4 areas of the economy which include financial service sector, service and manufacturing sector and other specific and general sectors.
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