Singapore says will make needed changes to corporate tax

[Filloz]

Singapore says will make needed changes to corporate tax once consensus on G7 plan​

Singapore, a regional hub for technology firms, will change its tax system as needed once there is a global consensus, its finance minister said on Tuesday, after the world's rich nations agreed there should be a minimum corporate tax rate of 15%.

Singapore, a low-tax jurisdiction where several multinationals including Alphabet's (GOOGL.O) Google, Microsoft (MSFT.O) and Facebook (FB.O) have regional headquarters, has a rate of 17% but provides incentives and schemes which reduce the effective rate.

The Group of Seven (G7) advanced economies agreed on Saturday to back a minimum global corporate tax rate of at least 15%, and experts say that could lead to a gradual phasing out of concessionary tax rates in Singapore.

https://www.reuters.com/business/fi...tion-key-businesses-after-g7-plan-2021-06-08/

 

[maxsanic]

Singapore says will make needed changes to corporate tax once consensus on G7 plan​

Singapore, a regional hub for technology firms, will change its tax system as needed once there is a global consensus, its finance minister said on Tuesday, after the world's rich nations agreed there should be a minimum corporate tax rate of 15%.

https://www.reuters.com/business/fi...tion-key-businesses-after-g7-plan-2021-06-08/

The key operating word is "global consensus". Not gonna happen anytime soon, so it's essentially a non-answer answer.

 

[laksaboy]

The key operating word is "global consensus". Not gonna happen anytime soon, so it's essentially a non-answer answer.

The pappies are shameless globalists, expect them to 'lead by example' even if there is no global consensus. To show what an obedient 'global citizen' of the 'international community' Sinkieland is.

 

[congo9]

oh my god.

 

[syed putra]

That means corporate tax reduced by 2% to 15%?

 

[Filloz]

That means corporate tax reduced by 2% to 15%?

I like your pun.

 

[Boliao]

Ha! Speed up the death of Singapore as a hub. Hainan corporate and personal tax now locked at 15% to attract foreign firms from HK; and indirectly SG. Why should SG listen to obsolete G7. It's their own problem if they cannot compete. No need to force others to regress to their level.

 

[Devil Within]

Singapore should have invest more to develop more locally owned companies instead of just attracting foreign companies because of low taxes. Locally owned companies not the GICs or GLC where paper scholars run companies to the ground but like South Korea and Taiwan where they have their own Samsung, LG, Asus, and TSMC.

One big mistake PAP made was to limit Universities and degree holders where R and D played an important role in developing technologies. All PAP have is diplomas and ITCs cert to work in factories.

 

[laksaboy]

Singapore should have invest more to develop more locally owned companies instead of just attracting foreign companies because of low taxes. Locally owned companies not the GICs or GLC where paper scholars run companies to the ground but like South Korea and Taiwan where they have their own Samsung, LG, Asus, and TSMC.

One big mistake PAP made was to limit Universities and degree holders where R and D played an important role in developing technologies. All PAP have is diplomas and ITCs cert to work in factories.

A totalitarian regime will never have true innovation, because there is no room for contrarian views. Especially now with that POFMA nonsense. It doesn't matter how much money you pump into local companies, in the end they'll just end up like those in China: only GLCs and inefficient small businesses with family connections to the regime will flourish.

Get Lee Hsien Loong out of the picture first.

 

[rushifa666]

A totalitarian regime will never have true innovation, because there is no room for contrarian views. Especially now with that POFMA nonsense. It doesn't matter how much money you pump into local companies, in the end they'll just end up like those in China: only GLCs and inefficient small businesses with family connections to the regime will flourish.

Get Lee Hsien Loong out of the picture first.

You have unform after uniform and you expect innovatirs? Pap is having some powderful weed in their cooler

 

[syed putra]

There is no point taxing corporations anymore. Just tax on local consumption and income.