Meanwhile Singapore’s tax revenue, as a percentage of economic output, is below the average of other high income countries, World Bank data shows. Tax changes are already happening. Changes to the goods and services tax (GST) – which in FY2016/17 accounted for nearly a quarter of total tax revenues – would further firm up government finances. One tax unlikely to rise is corporate tax, experts say. At 17 percent, Singapore’s headline corporate tax rate is already slightly above that of its closest rival Hong Kong.

Source: Indian Express January 23, 2018 13:07 UTC