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Low-tax Singapore cites reputation for trust as key for businesses after G7 plan By Reuters

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© Reuters. FILE PHOTO: Skyline view of Singapore’s central business district on March 26, 2021. REUTERS / Edgar Su

SINGAPORE (Reuters) – Singapore’s trustworthy reputation and strong fundamentals, such as its skilled workforce, are more important factors than ever, its Economic Development Board said, following a plan by the world’s rich nations for a tax rate. global minimum corporate.

The advanced economies of the Group of Seven (G7) agreed on Saturday to support a minimum global corporate tax rate of at least 15%.

Singapore, a low-tax jurisdiction, has a rate of 17% but offers incentives and schemes that lower the effective rate.

The EDB, a government agency that helps attract investment to Singapore, cited the country’s infrastructure, location, rule of law, good governance, intellectual property protection regime, as well as skilled and educated workforce. , among other advantages.

“These fundamentals and our reputation for being a trustworthy and open place to do business are more important than ever in today’s environment,” said Jillian Lim, EDB’s executive vice president, in an emailed response to Reuters on Monday night. .

“We support a multilateral solution that will create a stable international system that promotes growth and fiscal certainty, while ensuring a level playing field in all jurisdictions,” he added.

Singapore is home to the regional headquarters of several global multinational companies, including Alphabet’s (NASDAQ 🙂 Google and Facebook (NASDAQ :).

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