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P@SSPORT
Your Tourism Update from the Singapore Tourism Board |
September 2005 | |
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New Incentives
The STB, as part of its mission to develop and champion tourism, has adopted a more comprehensive and holistic approach to building the tourism sector into a key driver of economic growth for Singapore. Beyond the traditional role of promoting the destination, the STB also plans, regulates and facilitates the development of the tourism industry. This is to ensure the sustainable and long-term growth of the sector, and an increase in the sector's contribution to the Singapore economy.
The STB will have to work in partnership with its partners to develop Singapore's tourism sector. Collaborating with and supporting other public agencies and the private sector is also vital for the sector's success. As such, the STB supports, incentivises and catalyses the private sector to take the lead in investing for sector growth. The areas of facilitation include investment promotion, product and industry development, financial grants and tax incentives. These aim to encourage companies to develop new ideas and market Singapore as a tourism destination.
Recently announced are the Investment Allowance Scheme For Flagship Concepts, which aims to encourage new investments in flagship concepts stores in the retail, food and beverage and entertainment sectors, and the Concessionary Tax Rate For Approved Mega Events, which aims to encourage event organisers to bring in or stage mega events.
The Board administers other forms of assistance. For more information on the schemes available, please visit the Industry Assistance section.
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