Why dont we tax companies more instead?
Our economy is small and open. Companies can easily move their businesses out of Singapore if we become too expensive - Singaporeans may lose their jobs. Corporate Income Tax (CIT) rates around the world are coming down. - US, UK, and France have cut or announced plans to cut taxes in recent years. Closer to home, Malaysia and Vietnam have also cut their CIT rates. Link to https://www.mof.gov.sg/docs/default-source/default-document-library/ifaq-gst-2020/gst_q6.jpg (Corporate Income Tax's comparison table) . Singapores headline CIT rate at 17% remains competitive internationally. We will continue to monitor other countries closely.
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