"It is often claimed that the major benefits to Singapore associated with billionaires moving here are job creation and revenue from income and consumption taxes. Unfortunately, billionaires who relocate to Singapore do not conduct business here commensurate to the size of their net worth. Furthermore, they make use of accounting "magic" (tax engineering) on their personal income to change most of it into capital gains or anything that is taxed at a lower rate. "
Posted on: Tue, 06 Aug 2013 02:35:10 +0000
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