Renewing downtown on a TIP
The Tax Incentive Programme (TIP) is an initiative by the Government to encourage and facilitate development in urban areas defined as 'blighted' or in need of revitalisation.
Through the TIP, the Government gives tax relief as an incentive to individuals or companies undertaking capital investments in either land or buildings in social development areas.
The programme is consistent with the Government's policy to provide opportunities to enable private-sector entities to become full participants in the country's development thrust. It focuses on attracting private investment capital to fuel urban renewal and growth.
Over the past 12 months, we have shown you the changes taking place in the market district, with others coming on stream shortly.
Here is a reminder of some of the changes.
There are four types of incentives
- Urban renewal bonds
- Investment tax credit
- Tax relief on rental income
- Exemption from transfer tax and stamp duty.
Application forms for the TIP can be collected at the Urban Development Corporation.