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How are Corporate Tax Singapore and GST Helpful to Businesses?
It is a well known fact that one of the prominent reasons behind the economic surge of Singapore has been its tax system. Not only does the nation boast to have lower tax rates but the progressive nature of Singapore taxation has also ensured that the businesses benefit immensely. When it comes to businesses, the type of taxes which matter primarily include the corporate income tax Singapore and the goods and services tax Singapore. The existing Singapore corporate tax rate 2013 stands at a flat 17%, while the GST Singapore tax rate is 8%. However, this does not give us a clear picture of...
Read MoreHow progressive is Corporate Tax Singapore?
Singapore’s pro business landscape is reflected in its corporate tax Singapore regime. Currently, the Singapore corporate income tax rates 2013 stand at 17% and is considered to be one of the lowest in the world, an attractive feature for foreign investors. The system of Singapore taxation is well regulated and administered by Inland Revenue Authority of Singapore (IRAS). Corporate income tax Singapore has been a key driver behind the booming economy of the island nation and a major determinant that makes foreign investors and entrepreneurs take plunge into doing business in Singapore. The...
Read MoreSingapore Retains Its Second Position in the 2013 Index of Economic Freedom of the Heritage Foundation
The index of economic freedom which is published on an annual basis by heritage foundation has ranked Singapore as the second freest economy in the world in the 2013 index. Singapore has maintained this position for 19 consecutive years in a row, first being Hong Kong. The economic freedom score of the country is 88, which is 0.5 higher than last year. The gap between the score of Hong Kong and Singapore is very close i.e. only 1.9. Australia is in third position with score rate of 82.6 followed by New Zealand, Switzerland, Canada, Chile, Mauritius, Denmark and United States. The Heritage...
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