Singapore cut corporate taxes for the first time in three years, narrowing the gap with Hong Kong as the city-state seeks to lure more international financial services and technology companies.
The government will reduce the maximum tax rate payable by companies to 18 percent from 20 percent from the 2008 year of assessment, Second Minister for Finance Tharman Shanmugaratnam said today.
Singapore will have shaved eight percentage points off the corporate tax rate since 2000. In the same period, Hong Kong's tax rate rose from 16 percent, while Ireland has a rate of 12.5 percent. In Eastern and Central Europe, Slovakia and Poland's corporate tax rate is 19 percent.
-Bloomberg
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