Re: Singapore Tax loopholes (income, GST) that open the Pandora's box of human evil
1) shows the liability for such harebrained govt policies to tempt susceptible individuals.
2) My Mr X would get away with his 6 corporate identities scheme I believe. This is because he has legitimately provided his services through each company (genuine consultancy services have been rendered) unlike in your example where by "Alphalog claimed fictitious expenses amounting to $1.2 million as management fees paid to VEPL when no such services had been performed by VEPL."
3) Why create stop gap, band aid economic policies that are so liable to abuse and harder to police?
4) Is the ruling govt at a loss of ideas about how to grow the economy that it has decided to (irresponsibly) use headline grabbing corporate tax rates towards grabbing foreign investments? Hoping to entrap its victims in the red tape of fine print?
Perhaps as a 'businessman', the Government isn't very honest, but a sly and scheming one indeed.
- 'Countries with the Biggest Gaps Between Rich and Poor', (by Bruce Einhorn): "No. 2 Singapore-.. Ratio of income or expenditure, share of top 10% to lowest 10%: 17.7". [BW,16Oct2009]
21Feb2011: Singapore Tax loopholes (income, GST) that open the Pandora's box of human evil