IRAS Gallery

The Singapore Tax Story

Audio Guide
A NEW NATION
1965
First National Day Parade celebrating the first anniversary of the Independence of the Republic.

Independence and Industrialisation
In 1959, Mr Lee Kuan Yew led the People’s Action Party to victory in Singapore’s first-ever general elections. With high unemployment a pressing concern, the Government launched an ambitious industrialisation programme. Tax incentives were offered to key industrial enterprises to encourage them to set up in Singapore. A new tax regime was implemented to boost economic growth and improve the standard of living.
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Learn more about how
fledging Singapore finds
its economic feet