May 24
– Singapore companies are now pulling in
just under 75 percent of their total revenues for operations external from the
country, the Singapore Import-Export Agency has confirmed.
That is
a rise from 64 percent last year and indicative of the Southeast Asian
city-state’s increasing popularity as a regional tax haven – the country levies
no income tax on profits or dividends earned overseas.
The
Singapore Import-Export Agency also found that 67 percent of Singaporean SMEs
intend to expand their overseas business within the next 12 months, and some 73
percent of them will be expanding their operations into Asian and ASEAN
markets. China, Vietnam and Indonesia are the top three destinations for
outbound investment from Singapore, the agency said.
Singapore
is the financial capital for ASEAN, the 10 nation Southeast Asian trade bloc
that is expanding its free trade agreements across Asia. FTAs have already been
signed with China, India, Australiasia, Japan and Korea, while trade between
ASEAN nations such as Indonesia, Malaysia, Thailand and Vietnam are already
covered within the ASEAN bloc itself.
Singapore’s
corporate income tax rate is a relatively low 17 percent, and with its world
renowned reputation with regards to ease of doing business and setting up
companies, more foreign businesses are establishing a presence in the country
to access the Asian market.
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