For
resident corporations Singapore is not particularly
tax-friendly- the corporation tax rate is 18%,
and it is charged on all income derived from
sources in Singapore, together with income from
sources outside Singapore if received in Singapore.
In
place of VAT and import duty Singapore levies
a 5% Goods & Services Tax (increased to 7% from
July 1st, 2007) from which exporting businesses
are exempted. There are however a number of
beneficial tax regimes available to the international
investor, described on other pages.
Singapore
is setting out to be a major 'conduit' country
for Indian FDI. In April 2006 India responded
positively to Singapore's request to broaden
the scope of the CECA [Comprehensive Economic
Cooperation Agreement] the two countries signed
in 2005.
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