Every country has its own tax system except five, United Arab Emirates, Bahamas, Bermuda, Andorra, Monaco. My topic is the economic analysis of Singapore. Singapore is located in Asia and belongs to Southeast Asia. He moved to southern Malaysia. Its position is 1°22' N, 103°48' E, between Indonesia and Malaysia. To the east of Singapore lies the South China Sea, to the west lies the Indian Ocean. In 1819, the British founded Singapore as a trading colony. It joined the Malaysian Federation in 1963 but was expelled and became independent two years later. There is a famous strait that connects the South China Sea to the Indian Ocean. Singapore's successes today are closely linked to the Singapore Strait. There are 500 cargo ships coming and going from the Singapore Strait every day, around 80% of which go to Singapore to stock up on supplies or make purchases. Many countries have established economic and trade offices in Singapore. Its fastest growth occurred in the 1980s, when it was nicknamed the Asian tigers (Singapore, Hong Kong, Taiwan, South Korea). Singapore has subsequently become one of the most prosperous countries in the world, has a strong international trade link (in terms of tonnage, the port of Singapore is one of the busiest ports in the world), gross domestic product (GDP) per capita, and major countries Westerners. We say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Singapore is located in the tropics, controlled by the equatorial low end, because the equatorial rainy climate, long summer without winter, the temperature in the temperature difference and the temperature difference are small, the annual average temperature ranges from 75 ° Fahrenheit (24° Celsius) to 94° Fahrenheit (34° Celsius) between most January, influenced by northeast monsoon winds from China, a relatively dry northeast will cause Singapore's average temperature to hover between 73 and 75 degrees Fahrenheit or so, and it will be better. Between April and May temperatures will rise slightly and precipitation will increase. Humidity is high, with an average daily relative humidity of 84%. Precipitation is sufficient and thunderstorms are frequent. The annual rainfall is approximately 2,400 millimeters. Every year it rains from November to January. Furthermore, Singapore's average temperature is significantly higher than that of its tropical neighbors due to the rapid development of urban areas over the decades, which has affected the entire country with the heat island effect. According to statistics, as of July 15, 2018, Singapore's population was 5,951,112. There are four main ethnic groups, including Chinese 74.3%, Malays 13.4%, Indians 9%, others 3.2%. Religions including Buddhist 33.2%, Christian 18.8%, Muslim 14%, Taoist 10%, Hindu 5%, other 0.6%, none 18.5% (2015 est.). The area of ​​Singapore is 277.7 square miles (719.2 square kilometers), including 273.8 square miles (709.2 square kilometers) land area and 3.9 square miles (10 square kilometers) land area waterfall. There are three famous colleges in Singapore, they are National University of Singapore (NUS), Nanyang Technological University (NTU) and Singapore Management University (SMU). Many languages ​​are spoken in Singapore. Including English, Chinese (Mandarin, Cantonese, Fujianese and so on), Indo, Malay and Indonesian. English is the official language in Singapore. Singapore currency: Singapore dollar, $ symbol and S¢ cent. Frequency used: $1, S¢5, S¢10, S¢20, S¢50; $2, $5, $10, $50. Rarely used: $1, $20, $25, $100, $500, $1000, $10000 and S¢1. Exchange rate 1 usd = 1.5 sgd Singapore offers a well-functioning, efficient and corruption-free legal system. The systemit is designed to ensure that your rights and contracts are respected and that disputes can be resolved quickly and affordably. Singapore has a highly developed and successful free market economy. It enjoys a very open and uncorrupt environment, stable prices and a GDP per capita higher than that of more developed countries. Unemployment is low. Singapore's economy is heavily dependent on exports, particularly electronics, petroleum, chemicals, medical and optical equipment, pharmaceuticals, and the country's vibrant transportation, business and financial services industries. Singapore's Fiscal Policy Fiscal policy uses government spending and income to influence the economy. The two main instruments of fiscal policy are public spending and taxes. In Singapore, the long-term objective of fiscal policy is to: promote and support sustained, non-inflationary economic growth; maintain a balanced budget, i.e. finance total operating and development expenses from operating income over the business cycle; and focus government spending on programs that provide basic public goods and services, such as education, health care, infrastructure, housing, and environmental protection. These objectives are based on the recognition of the role of market forces in promoting economic and financial prudence and on the emphasis on investments in human resources and infrastructure. Singapore's Tax Policy Tax policy is an integral part of fiscal policy. The main objectives of Singapore's fiscal policy are: increase in income This is the traditional objective of fiscal policy. Taxation is an important source of funds for government operations. Promote Economic and Social Goals Taxes are used to influence people's behavior toward desirable social and economic goals. To encourage mechanization and automation, for example, the government allows accelerated capital subsidies for most assets used for commercial purposes. Tax cuts encourage Singaporeans to have more children. The fundamental principle of Singapore's tax policy is to remain competitive with businesses and individuals. Keeping interest rates competitive will help us continue to attract foreign investment. Keeping interest rates low will encourage our employees to work hard. It will also make risk-taking worthwhile and encourage entrepreneurship. To increase the flexibility of taxation as a source of public revenue, a goods and services tax was introduced in 1994. This balanced mix of consumption and income taxes reduces the vulnerability of tax revenues to adverse changes in the economic environment and improves the resilience of businesses. Singapore's tax position. The Inland Revenue Authority of Singapore (IRAS), was established in 1960, formerly known as the Department of Internal Revenue. It integrates all major revenue collection agencies into one organization, making the management and collection process more streamlined and better managed. IRAS are also known to be efficient tax administrators and friendly tax collectors. The Department of Internal Revenue is responsible for collecting income tax, property tax, goods and services tax, inheritance tax (abolished February 15, 2008), gambling tax and the stamp. duty. As a key fiscal officer at the Treasury, the IRAS played a role in formulating fiscal policies, providing policy input, as well as the technical and administrative impact of each policy. The IRA also actively monitors the.