It also began providing tax rebates of up to SGD 700 on individual income tax in 1994. With these changes, it is estimated that three out of four Singaporeans will end up not having to pay personal income taxes, thus increasing the disposable incomes available to the average Singaporean consumer. In 1996, given continued budget surpluses, the Government also decided to make additional contributions to public housing and retirement schemes. At the same time, it raised stamp duties and imposed credit restrictions and a capital gains tax on short-term property sales to curb speculation in the real estate market. Many of Singapore's public policy measures are tailored to attract foreign investments and ensure an environment conducive to their efficient business operations and profitability.
Investment policies are open and transparent.
Although the Government seeks to develop more high-tech industries, it does not impose production standards, require purchases from local sources, or specify a percentage of output for export. Debt Management Policies Singapore's external public debt was a negligible USD 3.1 million at the end of 1994 and was retired completely in 1995. This was one of the factors that enabled the country to weather the currency crisis which engulfed the region in the second half of 1997. Singapore's budget surpluses and mandatory savings have allowed the government wide latitude in supporting infrastructure, education, and other programs contributing significantly to national development. Aid Singapore does not receive financial assistance from foreign governments.