[cicero2k]

Sounds like the American dream/exceptionalism is alive and well in this little corner of Asia.

[Mr. Jeeves]

To me, Singaporeans combine Chinese conformism and British reserve with a child-like innocence about the nature of the world outside their island. There are always exceptions (like my ferociously competitive wife) but by and large I wouldn't compare them to American individualists at all. They are kind of a nation of followers who have benefitted greatly from Lee Kwan Yew's belief in free markets and international business, his firm refusal to tolerate official corruption (unique in Asia), and his willingness to create a one-party police state to keep a firm lid on potential racial and social tensions. He claims to this day that a Chinese country can only be ruled with an iron hand.

Newt Gingrich once said a successful nation needs "Either a strong common culture or a strong central government." Singapore chose the latter path, and it has worked out well for them. An absolutely great place to visit or work as a foreign expat - but maybe not the greatest place to be born and grow up, especially for those who are self-motivated. The gulf between the average Singaporean dwelling in a small HDB flat and the Indonesian tycoon with the $20 million dollar condo on Orchard Road is gigantic, and it isn't as easy for them to move up to a higher class as it (still, despite Obama) is in the USA.

[BillM]

Singapore Income Tax System & Tax Rates

Investors turn to Singapore for establishing their operations for several reasons. The ease of setting up and operating businesses is a prime motivator. Another central determinant is Singapore’s tax regime – well-known for its attractive corporate and personal tax rates, tax relief measures, absence of capital gains tax, one-tier tax system, and extensive double tax treaties.

Persons, including corporations, partnerships, trustees and bodies of persons carrying on any trade, profession or business in Singapore are chargeable to tax on all profits (excluding profits arising from the sale of capital assets) arising in or derived from Singapore and certain foreign-sourced income from such trade, profession or business.

The purpose of this guide is to provide a general overview of Singapore’s tax system and tax rates. We also have a very useful online tax calculator that you can use to to estimate your Singapore taxes and to compare how they stack up against those in your home country.

More Including Rates...