Singapore has been ranked as the fifth most tax-friendly economy in the world in this year’s Tax Misery & Reform Index compiled by Forbes.
The top spots were clinched by the United Arab Emirates and new entrant, Qatar, with Hong Kong in third position.
Cyprus was also considered to be more tax-friendly than Singapore.
At the other end of the scale were France, Belgium and China.
China was also named one of the top reformers this year after it decided to bring the corporate tax rates down to 25 percent.
Singapore adjusted tax rates this year and in so doing worsened the overall hit. The country will be raising its Goods and Services Tax by two percentage point from July this year.
The country is a destination for high-tech companies from Europe, as well as affluent entrepreneurs.
The Forbes index evaluates whether a jurisdiction’s tax policy attracts or repels capital and talent. It also tracks tax reforms.
50 jurisdictions were surveyed.
Source: Channel NewsAsia, 14 May 2007