Public Finance
Singapore introduced Goods and Services Tax (GST) with an initial rate of 3% on 1 April 1994, increasing government's revenue by S$1.6 billion (US$1b, €800m) and estabilising government finances. The taxable GST was increased to 4% in 2003, to 5% in 2004, and to 7% in 2007. Singapore attracts entrepreneurs, and established corporations from around the world, with a corporate tax structure that encourages startups and provides incentives for international business. The corporate tax rate of 17% is low relative to other developed nations.
The Singapore government owns two investment companies, the Government of Singapore Investment Corporation and smaller Temasek Holdings, which act as the nation's sovereign wealth funds. Both operate as commercial investment holding companies independently of the Singapore government. Most of the holdings of both companies are held outside of Singapore.
Read more about this topic: Economy Of Singapore
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“Public opinion contains all kinds of falsity and truth, but it takes a great man to find the truth in it. The great man of the age is the one who can put into words the will of his age, tell his age what its will is, and accomplish it. What he does is the heart and the essence of his age, he actualizes his age. The man who lacks sense enough to despise public opinion expressed in gossip will never do anything great.”
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