Singapore is also considered a tax heaven. Anyone know how much of their GDP is just foreign company HQ capital?
en.wikipedia.org
So if Singapore is capitalist, and is playing with privatization, what is public sector doing? How large is government control the economy?
Thank you!
Singapore is the literal definition of state capitalist. State owned industries extracting surplus labor from workers and reinvesting said surplus labor in increased development.
Awesome answer. Do you know any major Singapore state owned companies? Also is Singapore a tax heaven?
Lastly how does Singapore compares to Taiwan,Japan and South Korea? Any of these three maintain state capitalism? How do these states function?
Good answers, thank you!
The government strenuously objects to being called a tax haven. However, personal income tax is capped at 22% for the bracket of S$320k and beyond, there's no capital gains tax, no taxes on offshore accounts, corporate tax is capped at 17%, no estate tax, strong banking secrecy. With creative accounting I'm sure those numbers can be massaged quite a bit. Plus, Singapore has a branch of Le Freeport, high security storage facilities that allow for practically undocumented and untaxed trade in high-value collectibles.
A subject of contentious speculation is how much surplus is actually reinvested in development, and how much is siphoned off for the benefit of top porkies. The place is renowned, after all, for the logical leap that having the world's highest government salaries would eliminate corruption in government.
Well that answers one question, care to answer the rest?
Good answer, thank you.
