Friday, February 16, 2007

Singapore Gets It


If the average state levy is included, the U.S. corporate tax rate is
about 40 percent, which is higher than the coporate rate in every
European welfare state. American companies also must endure heavy
regulatory burdens especially in the aftermath of Sarbanes-Oxley.

In his Budget Statement for the Financial Year (FY) 2007, Second
Minister for Finance, Tharman Shanmugaratnam announced a two percentage
point reduction in the corporate income tax rate to 18% to sharpen
Singapore’s competitive edge.

So, Singapore wants to be more competitive and they lower taxes. Doyle wants to be more competitive so he, um, threatens jail time against executives who pass on operation costs in the price of their product. Hmmm, where would you want to do business?

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