Why dont we tax companies more instead?

mof

Last updated 1y ago

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.

Let other citizens know if this answer was helpful

Did this answer your question?

Can’t find what you’re looking for?

Why dont we tax companies more instead?

Related Questions

Why dont we exempt or lower GST on basic household goods?

Can the Government consider increasing the personal relief? This will help people across the board, esp. those who are out of job.

Why don't we tax high-income earners or wealth more instead?

Is Purchasing Power in Singapore low?