was known as the premier tax haven of the world with its bank secrecy laws.
That is slowly but surely changing with a new German-Swiss tax treaty taking
effect next year. With Switzerland
going, going, gone; rich people need a new tax haven to keep their assets and
The rich 1% has moved billions of dollars through
to our secretive bank laws, tax rates that top at 20% and no capital gains tax.
These measures had the intend effect. It has caused people to move their money
Our entire economy, including our GDP for the past few years, comes directly from
this money inflow.
And despite the
Singapore’s government public
stance on the matter, the fact that we are a tax haven is beyond doubt.
Everyone from Indonesia to India to Germany says we are. Indonesia even
has a list of over 20 Indonesians currently living in Singapore that are wanted
in Indonesia for questioning on tax evasion, fraud and a list of other white
collar crimes. The Indian government even hinted that nearly 10% of the foreign
direct investment in India came
because Indian nationals are routing money through us to avoid taxes.
This fact is almost public knowledge and frankly I think the
government should just admit that we are a tax haven. We want these rich people
to put their money in Singapore
and we are willing to bend a little to get things done. What’s wrong with that?
I mean we haven’t done anything Switzerland
hasn’t done for years.
Besides…no one is going to believe us when we denied it anyway.