Discuss Whether The Changing Tax Structure Will Im

To help capital of Singapore achieve sustainable economic growth, the governing body has been reducing income evaluatees and corporate levyes over the old age. It has excessively increased its corporate trust on indirect taxes-raising the Goods and Services Tax (GST) from 5% to 7% in 2007.

Discuss whether the changing tax structure volition improve current and future life history standards in Singapore

The changing tax structure in Singapore surely result improve current and future standards of living in Singapore. Singapore has experienced sustained economic growth in the past times 2 years after 2 weak years in 2008 and 2009,with a 14.5% increase in GDP in 2010.Sustainable economic growth would mean that consumption would increase and it would be easier for governments to redistribute income to the low- income portions of the population. Currently not only is Singapore management on sustainable economic growth but also productivity driven growth, to further improve the standard of living for the people. Amendments in the tax structure is crucial for these goals to be achieved.

gibe to the 2011 Budget Statement, amendments have been made to income tax rates for businesses.Firstly, the genius One-time corporate income tax rebate or SME cash grant,whichever arrive is higher.



Singapore companies contribute claim a one-time 20% corporate income tax rebate on corporate income tax payable for 2011, stem to a cap of S$10,000 or a one-time SME money grant of 5% of the companys revenue for 2011, yield to a cap of S$5,000. However, the cash grant can be availed only if the company has made CPF contributions for at least(prenominal) one employee in 2010.

Enhancements have also been made in the PIC (Productivity and Innovations Credit) Scheme.

Prior to 2011, the PIC scheme offered a 250% tax deduction or allowance for the first S$300,000 of straits expenses incurred on each of the following six qualifying activities along the innovation value chain, like, R&D expenditures, investments in design,  investments in...If you want to get a full essay, order it on our website: Ordercustompaper.com



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