SINGAPORE: The entertainment industry could soon see more performances and bigger acts coming to Singapore’s shores.

To attract these internationally-rated acts, the Government will reduce the tax companies have to pay when they bring in a non-resident performer, said Finance Minister Tharman Shanmugaratnam.

The withholding tax rate of non-resident public entertainers will drop from 15 per cent to 10 per cent for five years.

“Singapore’s entertainment scene is emerging as an important part of our appeal as a global city,” said Mr Shanmugaratnam.

Mr Ross Knudson, owner of LAMC Productions, which has brought in international acts such as Muse and Lady Gaga, described the news as “fantastic”.

Organising a show at the Singapore Indoor Stadium, he said, could cost more than a million dollars. “It would really increase the viability of bringing in more shows … and bigger acts,” he said.

“We don’t have many sponsors in this market … so anything which helps us reduce risk is a tremendous help.” And being able to bring in more shows has its benefits, from attracting more tourists to having more locals hired to work on the productions, said Mr Knudson. “It generates a lot of revenue in and around the shows.”

By Alicia Wong
( Taken off Channel News Asia | http://www.channelnewsasia.com )

PS: Note to the Finance Minister: How about funding local musicians?