Tax system characteristics of Singapore immigrants

Chapter 1: Characteristics of Singapore's immigration tax system.

Singapore is a first-class government with no local administrative agencies. The central government directly manages various affairs, and the tax bureau is responsible for domestic taxation, with a streamlined and sound organization. In order to improve the efficiency of tax collection and management, the tax department has set up a tax computer center, which is responsible for the collection of various taxes and the storage and query of tax information. The internal work of the tax department is connected into a complete tax collection and management system through computers, and the tax collection and management means are relatively advanced. The participation rate of foreign capital in Singapore's manufacturing industry has been around 4/5. Multinational companies have a great influence on the service industry, especially the financial and commercial services. Local banks in Singapore only account for about 65,438+00% of the total number of banks. There are more than 600 government holding companies and their subsidiaries in Singapore, and statutory bodies and government holding companies own more than 50% of the total capital of the Singapore stock market. It can be said that the lifeblood of Singapore's national economy is mainly controlled by foreign multinational corporations, statutory bodies and government holding companies, and the beneficiary of its low tax policy is capital.

At the beginning of this century, Singapore carried out a large-scale tax reform. In order to give full play to the role of fiscal and taxation policies in promoting economic development, the Singapore government has reduced the income tax rate.

In order to encourage investment, export, production of high-tech products and increase employment opportunities, the Singapore government has implemented a series of preferential policies to make the whole economy more dynamic. For example, give 5 ~ 15 years tax-free period to industries with the nature of new technology development; The production of export products can enjoy 90% duty-free treatment for a period of 3 ~ 15 years; The research and development expenditures of computer software and information services, agricultural technical services, medical research, laboratories and testing and other production and service companies are allowed to be deducted twice; Give 5 ~ 10 tax incentives to emerging industries and emerging service industries; Companies with large investment, advanced technology and skilled employees can enjoy longer tax holidays.

Other tax laws reformed and adjusted in Singapore in recent years include the Stamp Tax Law, the Property Tax Law and the Goods and Services Tax Law which came into effect in April 1994. In addition, there are some auxiliary laws and regulations to manage employees, such as technology development law, wage tax law, etc., which generally collect income or expenses from owners. In addition, Singapore has enacted a series of laws and regulations to give some special departments and personnel corresponding powers, such as authorizing the IRS to become the main tax administration department and having the right to impose certain penalties on offenders according to the law; Authorized auditors to investigate and deal with people and behaviors that violate tax laws or evade tax obligations.

With the support of government-led and tax policies, Singapore's economy has now entered a stage of steady growth and formed a unique industrial structure layout.

Extended reading: introduction to the advantages of immigrants in Singapore

1, children education

Education in Singapore is famous for its earnest running of schools and outstanding academic achievements. Develop education with funds as high as 4%-5% of GNP every year. With the support of the government, Singapore has developed excellent holistic education, fully developed students' learning potential and thinking ability, and trained students to become bilingual talents.

In addition to high-quality basic education, more than 30 international schools in Singapore have adopted the Cambridge education system, and its achievements have been recognized by the world. Singapore has always implemented elite education, teaching students in accordance with their aptitude, and the education system pays attention to different types of students at all stages. For academic students, there are universities, polytechnics and so on. For sports students, there are also sports schools and trainers.

2. Safe cities

Singapore's urban safety index ranks second in the world with 89.64 points, second only to Tokyo. In the past 30 years, the crime rate in Singapore has been declining year by year, thanks to the government's long-term supervision and support in social security and stability measures. At present, the annual crime rate in Singapore is only 0.5%, which is one of the lowest in the world.

3. Garden City

Singapore has been committed to building an eco-city with a safe, comfortable, clean and beautiful environment. There are few rural areas in Singapore. The territory is lush, clean and beautiful, with tree-lined roads and small gardens and lawns all over the streets. With green flowers and fresh air, it is recognized as a "garden city country" in the world.

4. Business environment

Singapore is a maritime transportation hub in Asia, Europe, Africa and Oceania, and also the most important aviation hub in the Asia-Pacific region. Due to its unique geographical location and traffic conditions, Singapore often holds exhibitions of various sizes, which promotes exchanges with Asia and the Middle East. When a company is established in Singapore, the income tax is only 17%, and no value-added tax is levied. If enterprises are engaged in import and export trade, Singapore is a free port, and most goods are directly exempted from import and export tariffs, which can reduce the cost of export tariffs and play the role of a trade springboard.

At the same time, Singapore is 6 hours from Beijing and 5 hours from Shanghai. There is no time difference. If you want to balance domestic business and overseas business, Singapore is undoubtedly the best choice.

5. Tax Paradise

High taxes are a headache for many high-bourgeois. The harsher the tax system, the more taxes people with huge funds have to pay. Being a tax resident in Singapore can legally evade various taxes and optimize asset allocation.