-
Revoked Incentives (Effective 5 June 2025):
- Exemptions on land conversion tax, registration duty, land transfer tax, customs duty, and morcellement fees.
- 8-year income tax holiday for new Smart City Certificate holders.
- Accelerated annual allowance on specified capital expenditure.
-
Transitional Incentives:
- VAT repayment for smart city companies or developers until 30 June 2027 on buildings and infrastructure.
- 8-year income tax holiday for projects with Smart City Certificates issued before 5 June 2025 or involving public transport station construction.
- Customs duty exemption for goods used in public transport station/terminal construction.
-
New Fee Requirement:
- Smart city companies or developers must pay a fee under the Morcellement Act to the Economic Development Board for parcelling out land.
These changes aim to streamline the Smart City Scheme while phasing out older incentives.