Singapore is determined to make sure to remain one of the best places in the world for business without relying on tax breaks to compete for investments. Finance Minister Lawrence Wong said that while the global movement towards a minimum corporate tax rate of 15% will have an impact on Singapore's competitiveness, the city-state will have to double down on efforts to strengthen non-tax competitive factors. These include infrastructure and capabilities of its workforce in order to ensure that the overall business environment is attractive and conducive. The tax changes come as Singapore looks to become a more equitable society. As part of the government’s renewed and strengthened social compact, Wong said they do want everyone to contribute their share of taxes, and that those who have greater means should contribute a larger share.
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