Hopes for a “green budget”

Tax consultants have several recommendations on how Singapore’s February 18 budget could give a nudge to businesses and consumers to go green. Tax experts at Deloitte are calling for a two-year extension to the green-vehicle rebate that is due to expire at the end of 2011. The government could “consider granting further tax deduction for revenue expenditures incurred on usage of recycled products ― say, recycled paper for printing ― so as to encourage businesses to purchase such green products,” said Chan Huang Chay, a business tax partner at Deloitte Singapore. Other ideas include lowering the property tax rate for “green buildings” from the current 10% rate generally applicable to all commercial properties, and a 10% “green tax credit” on costs for businesses that develop and use green technologies. (February 15, 2011)