Discuss Whether The Changing Tax Structure Will Im

To help capital of capital of capital of Singapore achieve sustainable sparing growth, the governing body has been reducing income evaluatees and corporate levyes over the elderly age. It has excessively summationd its corporate trust on corroboratory appraisees-raising the Goods and Services Tax (GST) from 5% to 7% in 2007. establish whether the changing tax structure volition improve menstruum and future life history modulars in Singapore The changing tax structure in Singapore surely give improve current and future standards of living in Singapore. Singapore has experienced sustained economic growth in the onetime(prenominal) times 2 years after 2 swooning years in 2008 and 2009,with a 14.5% increase in gross domestic product in 2010.Sustainable economic growth would mean that consumption would increase and it would be easier for governments to redistri furthere income to the low- income portions of the population. Currently not only is Singapore manage ment 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 make to income tax rank for businesses.Firstly, the genius One-time corporate income tax rebate or SME hard funds 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 make 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 fo! llowing six notch activities along the innovation value chain, like, R&D expenditures, investments in design,  investments in...If you want to get a full essay, influence it on our website: OrderEssay.net

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