PAP gives US Chip maker USD$822 million tax savings, and than they move out!!

[winnipegjets]

We don't know how much the Irish gave them!!

15 percent corporate tax rate ...don't need to give anything.
Wages are higher in Ireland, yet Broadcom is moving there ...goes to show that sinkapore's low wage policy is not necessary to keep MNCs. Low wage policy is to support SME which never seem to be able to improve.

 

[Papsmearer]

The correct question is not whether we should give these tax breaks. But whether we r promoting these MNCs over our SMEs. No doubt we r successful in pulling MNCs here but our record on our own SMEs r dismal.

wrong. The correct question is what did we get in exchange for USD$2.85 billion over 10 years in tax breaks? If MNC Broadcom job created 10,000 jobs, and 9,000 went to non singaporeans, than what is the point? This kind of job is not a sweatshop job. It takes some skill and training to manufacture wafer chips. The pay should be pretty good. But how much is going to the sinkies?

 

[winnipegjets]

Yes plus all the salaries paid to the staff who then spent their salaries thereby contributing to the economy.

With majority of employees being foreigners, a huge chunk of salaries is remitted home lah. Sinkees spent all their money in the country, foreigners send the money out. Where got benefit?

 

[Papsmearer]

15 percent corporate tax rate ...don't need to give anything.
Wages are higher in Ireland, yet Broadcom is moving there ...goes to show that sinkapore's low wage policy is not necessary to keep MNCs. Low wage policy is to support SME which never seem to be able to improve.

U make a good point. The fucking PAP always trying to depress wages by bringing in all these FTs to work for cheap and to steal sinkie jobs. Here is a clear illustration that low wages is not the deciding factor, because for sure we have lower wages than Ireland.

 

[Papsmearer]

Delete double post.

Thanks for you r CSI. Was very shocked to learn this company got away with USD$2.85 billion in free tax money over 10 years.

 

[Yingge]

Tell me which country do not give tax rebate to manufacturing company? The company I work for have tax rebate in china and Penang. You collect less tax from them and they will make that country a profit centre.

Most of the company will make their company location a profit centre when that country collect less taxes...

 

[Papsmearer]

Without the tax incentives, they would never have set up shop in the first place.

While they may not have paid their full complement of taxes, they still had to pay consumption tax, road tax, CPF contributions, utility bills, COE, ERP etc so there is always a net gain.

You should learn to look at the glass as half full rather than as half empty.

U are such a fucking retard. New Zealand did not give you any tax incentives, yet you went there to set up your business. U are such a fucking moron when it comes to intellect.

 

[Papsmearer]

Tell me which country do not give tax rebate to manufacturing company? The company I work for have tax rebate in china and Penang. You collect less tax from them and they will make that country a profit centre.

Most of the company will make their company location a profit centre when that country collect less taxes...

In this case, the company is not making Singapore their profit centre. THEY ARE FUCKING GETTING OUT!!. get it? See what is the difference? They rip off the PAP and us indirectly.

 

[winnipegjets]

Tell me which country do not give tax rebate to manufacturing company? The company I work for have tax rebate in china and Penang. You collect less tax from them and they will make that country a profit centre.

Most of the company will make their company location a profit centre when that country collect less taxes...

What crap reasoning is that? Broadcom doesn't keep its profit in sinkapore ...it doesn't invest more because it pays less taxes.

 

[Papsmearer]

That money goes to PRCs. Viets or Pinoys!! A small amount will go to the local economy!!

Bingo
, u are spot on.

 

[Yingge]

wrong. The correct question is what did we get in exchange for USD$2.85 billion over 10 years in tax breaks? If this job created 10,000 jobs, and 9,000 went to non singaporeans, than what is the point? This kind of job is not a sweatshop job. It takes some skill and training to manufacture wafer chips. The pay should be pretty good. But how much is going to the sinkies?

It does not mean the company do not need to pay any tax. They just got tax rebate. They save usd 2.85 billion mean that they will still pay tax of usd 2.85 billion if the tax rebate is 50%. If they were not given 50% tax rebate. They will not set up in Singapore and you get nothing...

 

[Yingge]

What crap reasoning is that? Broadcom doesn't keep its profit in sinkapore ...it doesn't invest more because it pays less taxes.

What I am trying to say is that companies have profit in all their plants all over the world. However if any country tax them less, they will try to move the profit to that country buy selling certain things from that country to other plant so that the less tax country can make more profit... Therefore you will collect more tax if you give out tax rebate...

 

[Yingge]

In this case, the company is not making Singapore their profit centre. THEY ARE FUCKING GETTING OUT!!. get it? See what is the difference? They rip off the PAP and us indirectly.

If the company did not make any profit in Singapore, they will not enjoy the tax rebate. Tax rebate only given to company with profit and need to pay taxes. If company making losses, they do not need to pay any tax. Or I should say they still pay gst...

 

[Papsmearer]

It does not mean the company do not need to pay any tax. They just got tax rebate. They save usd 2.85 billion mean that they will still pay tax of usd 2.85 billion if the tax rebate is 50%. If they were not given 50% tax rebate. They will not set up in Singapore and you get nothing...

Its not a rebate, u moron. Its a tax holiday. And the corporate tax rate is between 17% and 20% in singapore, not 50%. So, if they are given a 10 year tax holiday, they pay no taxes regardless of how much they earn. This tax holiday resulted in them saving USD$2.85 billion.

 

[virus]

Without the tax incentives, they would never have set up shop in the first place.

While they may not have paid their full complement of taxes, they still had to pay consumption tax, road tax, CPF contributions, utility bills, COE, ERP etc so there is always a net gain.

You should learn to look at the glass as half full rather than as half empty.

if they r good and worth their value in salt, they would not have needed any tax break just like boss sam dont need the remainder of the CPF to survive. broadcom is just a narrowminded com-pany that's all. it's good riddance for us to get rid of this sunset industry. finally a chance to get rid of more ah neh n pinoys.

 

[Reddog]

Without the tax incentives, they would never have set up shop in the first place.

While they may not have paid their full complement of taxes, they still had to pay consumption tax, road tax, CPF contributions, utility bills, COE, ERP etc so there is always a net gain.

You should learn to look at the glass as half full rather than as half empty.

Agreed. Employment for sinkies and FTs should be acknowledged too. Nett gain.

 

[Cestbon]

The correct question is not whether we should give these tax breaks. But whether we r promoting these MNCs over our SMEs. No doubt we r successful in pulling MNCs here but our record on our own SMEs r dismal.

There are SME grant. Please check! Called PIC

Pure bullshit. These MNC are under no obligations to hire only sinkies. Kindly walk into any MNC factory or plant in Singapore and see how many people are actually native born. If you can find more than 30%, its damn good already. The PAP is basically using tax payer money to give tax incentives to MNCs to hire people from other countries to work here. How fucking stupid is that? Any money that these MNCs pay for electricity, water, etc goes to the govt or a GLC, once again not directly benefiting any sinkies. Tax incentives have always been going on, and in the earlier post, this company received USD$2.85 billion over 10 years in tax exemption. I am not opposed to giving tax incentives, but only if they hire only sinkies or at least even give sinkies priority in employment. But $2.85 billion is too much. And you can be sure these MNCs do not give sinkies any preference. I can bet you in their Irish factory, you will be hard pressed to find more than 10% FTs working there, as you can be sure that govt will make sure the vast majority of jobs go to Irish people.

Please read properly I never said 30%. I already state that 20% are local that a very low %.
Without MNC at least 20% Singaporean will be out of JOB.

 

[Cestbon]

If MNC dont set up in Singapore .
Singapore get ZERO

If tax rebate. Gov still get certain tax from electricity bill/transport..........

What is u choice getting small pie better than ZERO right.

 

[zeebjii]

if they r good and worth their value in salt, they would not have needed any tax break just like boss sam dont need the remainder of the CPF to survive. broadcom is just a narrowminded com-pany that's all. it's good riddance for us to get rid of this sunset industry. finally a chance to get rid of more ah neh n pinoys.

Thanks for letting me see this move in a positive light.

 

[ginfreely]

Its not a rebate, u moron. Its a tax holiday. And the corporate tax rate is between 17% and 20% in singapore, not 50%. So, if they are given a 10 year tax holiday, they pay no taxes regardless of how much they earn. This tax holiday resulted in them saving USD$2.85 billion.

So it is a loss of another 2.85b USD. It is alot of money to lose. I think 10 year tax free is too much considering the company didn't contribute anything that is of use to the public like building a highway. Btw what happened to the building or land they were occupying? Maybe the company made a bundle of profit selling it too.