Tax Haven Singapore

About Tax Haven Singapore

Singapore developed as a tax haven alongside its growth as a financial center. Singapore has no capital gains tax and a top personal income tax rate of 24 percent. Corporate tax is 17 percent. Singapore offers numerous tax incentives for specific industries, including fund management, headquarters operations, and maritime. Singapore has been more cooperative with international tax transparency than traditional tax havens, participating in the CRS and FATCA. However, Singapore has been used in money laundering, as revealed by the 1MDB scandal, in which billions were laundered through Singapore banks. Singapore has tightened controls and fined several banks. Singapore competes with Hong Kong as Asias leading financial center. The two cities have different tax advantages and regulatory environments.