Singapore voted as country with least burdening taxes in survey

Privately held firms have voted Singapore as the country with the least burdening taxes in the world, according to a business survey by accounting and consulting group Grant Thornton International.

The survey found that 40 per cent of all privately held businesses in Singapore feel that there are no burdening taxes in the country.

According to Grant Thornton, this shows companies here are maintaining a positive view of Singapore’s tax regime, and are remaining confident of the country’s growth momentum despite the current turmoil in global financial markets.

“Fundamentally, taxation issues are a major concern for privately held businesses in Singapore looking for expansion. They seek meaningful tax incentives to invest in new markets,” said Mr Kon Yin Tong, partner with Foo Kon Tan Grant Thornton, the Singapore member firm within Grant Thornton International.

The report found that the most burdensome domestic tax for privately held businesses are taxes on business profits and employment taxes.

The survey also reported 97 per cent of privately held businesses in Singapore see tax issues as significant factors when they decide on where to establish an overseas operating base. This result is higher than the global average of 77 per cent.

Source : Channel NewsAsia – 24 Sep 2008

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