• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Friday, June 2, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

By taxing the rich, loony Lee Hsien Loong is turning Singapore into hell for businesses

Akshay Narang by Akshay Narang
February 19, 2022
in East Asia
Reading Time: 4 mins read
0
Singapore
4.1k
VIEWS
Share on FacebookShare on Twitter

How do you see Singapore? A rich island nation right? I mean this is how everyone sees it. The country came second in World Bank ‘Ease of Doing Business rankings. At 17 per cent, the country offers the lowest corporate tax rate in Asia. All foreign investors, therefore, want to park their money in the island city-State.

 But the advanced Singaporean economy is bound to go down. Prime Minister Lee Hsien Loong is now going populist with plans to tax the rich. This is the perfect recipe to destroy any booming, advanced economy.

Also Read

Canada’s Africa Policy Crashes…Before it Even Took Off!

Trudeau and his Chinese masters promise to rid South Korea of China’s influence. Yeah!

Lee’s Singapore plans a super tax for the rich

 Singapore has been traditionally known as a tax haven. I mean there are few countries that offer a regime with no capital gains taxes and no inheritance taxes.

 Ask an investor about what he wants and he will say a regime with only a reasonable tax on what I earn. This is what Singapore offered. The wealth generators never felt that the government was out to snatch their money. Political stability in the country too ensured that investors had enough confidence in the Singaporean economy.

 But in its latest budget, Singapore has raised taxes on its wealthiest 1% and has also hiked other levies. This is a desperate attempt by the Lee government to increase its finances, but it is bound to leave investors shocked.

 Finance Minister Lawrence Wong talked about hiking consumption and carbon taxes to create a “fairer revenue structure”. Wong added, “That means everyone chips in and contributes to a vibrant economy and strengthened social compact, but those with greater means contribute a larger share.” 

 Taxes go up

 In order to target the wealthiest, Singapore will raise top marginal personal income tax levels. They will now peak at 24% for income over $744,000. Also, more taxes will have to be shelled out on purchasing new homes and cars. And Singaporean industries will have to suffer a steep rise in carbon emission taxes.

And this is bound to impact all sectors of the Singaporean economy. When income is taxed at a higher rate, investors will pull their money out of the country. When homes and cars become expensive, people will simply stop buying them and when manufacturing becomes expensive, industries will relocate out of the country. 

Singapore’s economy passing through a major crisis

Singapore has traditionally focused on preparing annual budgets that further its image as an open and prosperous economy. This is how a small island city-State managed to create a huge economy of around $379 billion. And the ruling People’s Action Party has stayed in power for around six decades with business-friendly policies.

But for the past three years, things have been changing. Singapore has been posting unusual budget deficits. COVID-19 Pandemic and the overall impact on Singapore’s aviation and tourism industry has led to a slowdown of sorts in the Singaporean economy.

Now, Singapore had two choices- stick to its free economy model and revive the economy, or it could embark on a populist model with taxes on the super-rich to raise government revenue.

Lee has unfortunately chosen the populist route. Till now, Singapore was a shining investment hub. But with heavy taxation, investors are going to get spooked and flee out of Singapore.

Singapore’s PM is virtually reducing Singapore into another Hong Kong.

Read more: Singapore takes the cake as China destroys Hong Kong.

Xi Jinping’s national security legislation in Hong Kong destroyed its booming economy and now Lee’s punitive taxes are going to destroy Singapore’s investor climate.

Tags: ChinaHong KongSingaporeTax Haven
ShareTweetSend
Previous Post

Junior Firpo: Biography, Net worth, Lifestyle and Career

Next Post

Actor Lincoln Jolly Biography, Networth, Career and Movie

Also Read

Vietnam Money Laundering Case

Vietnam: Money Laundering Case Leads to Incarceration of 21 Individuals

April 28, 2023
Sakhalin projects

India turns Japan into a borderline Russian ally

April 4, 2023
North Korea and China rekindle their lost lust for power

North Korea and China rekindle their lost lust for power

April 1, 2023
Indonesia phase out Visa and Mastercard

Indonesia’s Shocking Decision on Visa and Mastercard!

March 28, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
11th July: The date set by Victoria Nuland for WWIII

11th July: The date set by Victoria Nuland for WWIII

May 31, 2023
Alberta wildfires are not an act of God but an act of the federal government

Alberta wildfires are not an act of God but an act of the federal government

May 29, 2023
UAE’s Record Gold Purchase from Russia could have De-dollarization written all over it

UAE’s Record Gold Purchase from Russia could have De-dollarization written all over it

May 29, 2023
Jagmeet singh caught red-handed stealing $6.5 billion from provincial coffers

Jagmeet singh caught red-handed stealing $6.5 billion from provincial coffers

September 3, 2022
With one shocking scandal, Ursula just lost Bulgaria entirely

With one shocking scandal, Ursula just lost Bulgaria entirely

May 29, 2023
Putin’s Odessa Ambitions are About to Come True

Putin’s Odessa Ambitions are About to Come True

June 1, 2023
Oh Well, Germany is Planning a War with Russia (Psst… to Win Elections at Home)

Oh Well, Germany is Planning a War with Russia (Psst… to Win Elections at Home)

June 1, 2023
Zelensky has probably assassinated his army chief

Zelensky has probably assassinated his army chief

June 1, 2023
Spain is all set for an Italian Redux 2.0

Spain is all set for an Italian Redux 2.0

June 1, 2023
11th July: The date set by Victoria Nuland for WWIII

11th July: The date set by Victoria Nuland for WWIII

May 31, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

©2023 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.