Singapore income tax rates could offer guide for U.S. President Barack Obama
By Susan Rawlings
On February 23, 2012, in Doing Business in Singapore, Relocation to Singapore, Singapore Taxes,
U.S. President Barack Obama asked his nation's Congress this week to reduce the number of loopholes and subsidies in the country's corporate tax code, effectively reducing the top rate from 35% to 28%.
The proposal, released by the White House on Wednesday, also sets a minimum tax on multinational corporations' foreign earnings.
The new corporate tax rates proposed by the U.S. president draw a stark contrast to the favorable rates enjoyed by Singapore's corporate community, making relocation to Singapore an exciting choice for any new or existing business.
Over the past 15 years Singapore's top corporate tax rate has dropped to a flat 17%, and when calculated with applicable tax exemptions, incentives and depreciation rules, the actual tax rate for corporations and businesses rests at an even lower amount.
Small to mid-sized Singapore companies enjoy very attractive tax rates. The first three years of income of S$100,000 or less for a newly created Singapore company is currently taxed at zero percent.
There is no capital gains tax in Singapore.
The Case for Business Relocation to Singapore
As a Singapore company grows, so will its tax savings, with resident companies eligible for a partial tax exemption equivalent to about an 8.5% tax rate on taxable income of up to...
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