Can property tax promote Industry 4.0?
Singapore needs to take a closer look at its tax policies aimed at spurring advanced manufacturing and the use of technologies in business.
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SINGAPORE'S industrial economy is heading towards a brave new world and Industry 4.0 is the roadmap for getting there. Although the Singapore government has implemented many measures to encourage companies to embrace Industry 4.0, more should be done in respect of property tax.
Industry 4.0 - also known as advanced manufacturing - has the potential to boost productivity and the optimisation of resources. It is a revolution in manufacturing through the combination of Internet, information and communication technologies (ICT) with industrial know-how.
Other facets of Industry 4.0 include the collection (and analysis) of vast quantities of data and the use of automation, robots and augmented reality to improve the manufacturing process.
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