Singapore: A tax haven for the super rich evading taxes from their own countries?

[Prometheus888]

If a Bangla construction site worker is the richest in Singapore then, I am very sure you can become a suitable candidate for the post of Finance Minister when the current one leaves. You possess all the qualities and traits of a good one, especially the taxes you mentioned and the propserity that such a system will bring on the country, people and leadership.

Three Cheers for Kinana,

Yeah 3 cheers ala that gubye Teo Ser Luck karm lan style...

....*hip*yip*lip*........ *silence*...... *crickets chirping because all the PAP bus cheauffered ah kong and ah ma dunno wtf is he doing* ...... (himself)... Hurray

http://www.youtube.com/watch?v=4j7W4LuaA6Q


hahahaha what an idiot....

 

[neddy]

I already explained how significantly the rich contribute to society in this post.

Without the wealth creators, there is no economic activity. Without economic activity, there are no jobs. Without jobs, there is no tax revenue.

It all starts at the top. The billionaires of the world may not be paying large amounts of direct taxes but the tax revenue they generate makes up a huge proportion of the total tax take.

The 80/20 rule is certainly applicable in the Singapore context.

In reality ...

The rich are not always wealth creators. Just look at rich PAP politicians who are more like parasites

You mention indirect taxes, but conveniently forgot tax arbitrage.

Many large companies produce goods and services that cost roughly the same as those without economies of scale. The reason why they are able to sell cheaper is to outsource to a cheaper country. As a result, They employ less or no staff and contribute less taxes to the communities that they are serving.


Also, large companies are known to destroy wealth by nipping budding competition through dodgy patent lawsuits, dumping, predatory pricing, etc



There are also too much croyism in capitalism that ensure that wealth is re-distributed from the poor to the the rich. You can tell from the amount of VC capital that is used to fund risk-taking entrepreneurs compare to the cosy government handling out juicy deals to preferred powerful friends /companies or erecting unfair laws disadvantaging the rest.


That is why we have countries suffering from Dutch's Diease, working poor, McJobs, US car workers cannot even afford the mass-produced cars and there are evidence of the poor getting poorer while the rich get richer. If the rich are creating so many jobs and generating so much revenues, everyone should have better living standard.

 

[Cruxx]

that is exactly what western countries especially european countries do.
where do you think they get the money to fund their cosy welfare system.

the way their system build is that the people who saved, will lost all their money and property when they are old due to sickness.
the one who spend spend spend will have nothing to lose, and gov take care of their expense when they are old via social welfare system.

Well, they do worship the Keynesian concept that thrift is bad for the economy after all.

 

[Leongsam]

In reality ...

The rich are not always wealth creators. Just look at rich PAP politicians who are more like parasites

You mention indirect taxes, but conveniently forgot tax arbitrage.

There are flaws and loopholes in any system but that doesn't detract from the basics. Imagine how much less economic activity there would be in the world if all the fortune 500 companies ceased operations.

I'll take my own experiences as an example..when I was still living in Singapore, the vast majority of my savings were a result of the economic activity generated by the disk drive industry who were paying ZERO taxes in Singapore because they were on a 10 year tax holiday courtesy of the EDB.

People like Tommie Goh (JIT Electronics) and many others became multi millionaires thanks to the non tax paying American multinationals. However, in the eyes of the lefty liberals, MNCs were exploiting Singapore labor as they paid Singaporeans but a fraction of what they would be paying their staff in the US while paying no company taxes whatsoever.

There are always two sides to every coin. Sadly, most people dwell on the negatives while ignoring or not realising that opportunities abound whenever economic activity takes place.

I'm surprised that you view PAP politicians as wealthy. I'd classify most of them as no more than comfortably well off. As to whether they deserve their salaries, it all depends upon how you view the Singapore economy.. half empty or half full. Singapore is one of the richest nations on earth so they have to be doing something right. As for the income inequality that's a separate issue altogether. I've never been a fan of income redistribution. It distorts reality.

 

[Kinana]

You have an objective view of reality Sammy.

It is true that it is the rich that will make a country rich. We need rich people in Singapore to make us richer.

What is wrong with income inequality in singapore when the poor are so well off compared to other countries? What is the point of welfare if it discourages people from working hard or making people pay heavy income tax?