In case you wondered why Lim Hwee Hua said such thing that doesn't help Singapore in winning business, she has a reason.
Obama as a senotor failed to get "Stop Tax Haven Abuse Act，STHAA" passed the 2 houses, but is likely to reinvigorate it now.
No point for gussing it correctly, Singapore is in the hotlist.
Wed, Feb 11, 2009
The Straits Times
SINGAPORE may have cut its corporate income tax rate to a relatively low 17 per cent, but it is not a tax haven, Senior Minister of State for Finance and Transport Lim Hwee Hua said yesterday.
That is because the Republic has a strong rule of law, and companies based here have concrete business activities. This is unlike other tax havens, which tend to attract 'mailbox companies', which are shell companies set up to avoid taxes.
Singapore is also considering adopting an internationally recognised standard for the exchange of tax information, she said.
Obama as a senotor failed to get "Stop Tax Haven Abuse Act，STHAA" passed the 2 houses, but is likely to reinvigorate it now.
No point for gussing it correctly, Singapore is in the hotlist.
Wed, Feb 11, 2009
The Straits Times
SINGAPORE may have cut its corporate income tax rate to a relatively low 17 per cent, but it is not a tax haven, Senior Minister of State for Finance and Transport Lim Hwee Hua said yesterday.
That is because the Republic has a strong rule of law, and companies based here have concrete business activities. This is unlike other tax havens, which tend to attract 'mailbox companies', which are shell companies set up to avoid taxes.
Singapore is also considering adopting an internationally recognised standard for the exchange of tax information, she said.
