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In spite of these difficulties the new colony rapidly proved to be a spectacular success As news of the free port spread across the archipelago Bugis Peranakan Chinese and Arab traders flocked to the island seeking to circumvent the Dutch trading restrictions During the first year of operation $400,000 (Spanish dollars) worth of trade passed through Singapore It has been estimated that when Raffles arrived in 1819 the total population of the whole of Singapore was around a thousand mostly of various local tribes by 1821 the island's population had increased to around five thousand and the trade volume was $8 million By 1825 the population had passed the ten thousand mark with a trade volume of $22 million (By comparison the trade volume for the long-established port of Penang was $8.5 million during the same year.), Others 5.4 Specialised Independent Schools (SIS), Raffles was still the Lieutenant-Governor of Bencoolen when he returned Raffles started more reforms that were by now almost trademarks of his rule over the colonies Forced labour was abolished when he first arrived and he declared Bencoolen a free port as well The currency was regulated and as he had an excess of out-of-work civil servants they formed committees to advise him on the daily running of the colony However Bencoolen was not as self-sufficient as Singapore The area was poor and disease-ridden: the first reports from the committees reflected very poorly upon the condition of the colony Unlike the salutary neglect Raffles granted upon Singapore he delayed European-inspired reforms emphasizing only the cultivation of whatever land was available. ; There currently remains only one Centralised Institute in Singapore the Millennia Institute which was formed following the merger of Jurong and Outram Institutes Additionally only Centralised Institutes offer the Commerce Stream offering subjects such as Principles of Accounting and Management of Business The standard of teaching and curriculum is identical to that of the Junior Colleges. A durian stall in Singapore Personal income taxes in Singapore range from 0% to 22% for incomes above S$320,000. There are no capital gains or inheritance taxes in Singapore. Singapore's corporate tax rate is 17% with exemptions and incentives for smaller businesses Singapore has a single-tier corporate income tax system which means there is no double-taxation for shareholders.
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