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. 

Singapore's headline CIT rate at 17% remains competitive internationally. We will continue to monitor other countries closely.