A General Overview of Singapore's Tax System
Singapore’s global economic standing, stable political landscape, strong legal system, business-friendly policies, skilled labour force, and support for innovation, among other factors, have placed the island nation among the most successful countries in the world in attracting foreign investment.
As a global financial hub, Singapore has a robust financial infrastructure to support companies in their growth and regional expansion. With its excellent connectivity providing easy access to emerging markets, Singapore has positioned itself as a launchpad for doing business in Asia. It also has a vibrant entrepreneurial ecosystem whereby start-ups are nurtured through pro-innovation government policies, easy access to angel funding, and a strong technical infrastructure.
While there are many factors that drive investment decisions, a country’s tax system does play a key role in influencing such decisions. This can be seen from the fact that regulations relating to paying taxes is one of the indicators for ranking countries in the World Bank’s Doing Business report. This article provides a broad overview of the Singapore tax system for companies looking to invest in Singapore.