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Singapore 3rd lowest tax rates in the region but highest in INFLATION Jun 23, 2010
By Jonathan Kwok
SINGAPORE'S corporate tax rates are the third-lowest in the Asia-Pacific region, according to accounting giant KPMG on Tuesday.
The direct tax rate on company profits here is 17 per cent, higher than Macau at 12 per cent and Hong Kong on 16.5 per cent.
It is lower compared with the average of 27 per cent among the 20 countries and territories surveyed by KPMG.
Last year's budget saw Singapore cutting its corporate tax rate from 18 per cent to 17 per cent.
'In Singapore, our direct tax rates are competitive to attract foreign investments,' said Mr Owi Kek Hean, head of KPMG tax services here. 'The direct tax on profits must be competitive for Singapore to be an attractive investment destination.'
Mr Owi added that Singapore's Goods and Services Tax (GST) 'is likely to increase sometime in the future'. He added: 'It's just a question of time.'
By Jonathan Kwok
SINGAPORE'S corporate tax rates are the third-lowest in the Asia-Pacific region, according to accounting giant KPMG on Tuesday.
The direct tax rate on company profits here is 17 per cent, higher than Macau at 12 per cent and Hong Kong on 16.5 per cent.
It is lower compared with the average of 27 per cent among the 20 countries and territories surveyed by KPMG.
Last year's budget saw Singapore cutting its corporate tax rate from 18 per cent to 17 per cent.
'In Singapore, our direct tax rates are competitive to attract foreign investments,' said Mr Owi Kek Hean, head of KPMG tax services here. 'The direct tax on profits must be competitive for Singapore to be an attractive investment destination.'
Mr Owi added that Singapore's Goods and Services Tax (GST) 'is likely to increase sometime in the future'. He added: 'It's just a question of time.'
