Singapore’s taxation system

This paper aims to examine the adequacy of Singapore‟s taxation system in achieving the four criteria of a good taxation system namely efficiency, equity, competitiveness and simplicity. To identify the strengths and weaknesses of Singapore‟s taxation system, we have chosen Hong Kong, Sweden and Swi...

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Main Authors: Chang, Min Min, Chua, Valerie Hui Er, Koh, Jieqi
Other Authors: Tan Kim Heng
Format: Final Year Project (FYP)
Language:English
Published: 2014
Subjects:
Online Access:http://hdl.handle.net/10356/59374
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author Chang, Min Min
Chua, Valerie Hui Er
Koh, Jieqi
author2 Tan Kim Heng
author_facet Tan Kim Heng
Chang, Min Min
Chua, Valerie Hui Er
Koh, Jieqi
author_sort Chang, Min Min
collection NTU
description This paper aims to examine the adequacy of Singapore‟s taxation system in achieving the four criteria of a good taxation system namely efficiency, equity, competitiveness and simplicity. To identify the strengths and weaknesses of Singapore‟s taxation system, we have chosen Hong Kong, Sweden and Switzerland for international comparison. Our finding is that Singapore has done well in the efficiency, simplicity and competitiveness criteria to spur economic growth. However, with a high Gini coefficient even after adjusting for tax and transfers, income inequality is prevalent in Singapore. This strongly highlights that Singapore‟s tax system has been too focused on economic growth and yet, this growth has not been all-inclusive and is inadequate in reducing inequality in Singapore. In addition, healthcare spending is projected to multiply in view of an ageing population. By 2020, Singapore‟s expenditure over the GDP will increase to 15.2% while the average tax revenue over the GDP from 2001 to 2012 was about 14.8%.Together with the need to ensure equitability of Singapore‟s tax system by increasing her expenditure on special transfers, it is likely that Singapore will need to increase her tax revenue in future. Therefore, Singapore‟s tax system needs to be reformed to one that promotes growth with equity while raising more tax revenue.
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spelling ntu-10356/593742019-12-10T12:17:44Z Singapore’s taxation system Chang, Min Min Chua, Valerie Hui Er Koh, Jieqi Tan Kim Heng School of Humanities and Social Sciences DRNTU::Social sciences::Economic theory::Public finance This paper aims to examine the adequacy of Singapore‟s taxation system in achieving the four criteria of a good taxation system namely efficiency, equity, competitiveness and simplicity. To identify the strengths and weaknesses of Singapore‟s taxation system, we have chosen Hong Kong, Sweden and Switzerland for international comparison. Our finding is that Singapore has done well in the efficiency, simplicity and competitiveness criteria to spur economic growth. However, with a high Gini coefficient even after adjusting for tax and transfers, income inequality is prevalent in Singapore. This strongly highlights that Singapore‟s tax system has been too focused on economic growth and yet, this growth has not been all-inclusive and is inadequate in reducing inequality in Singapore. In addition, healthcare spending is projected to multiply in view of an ageing population. By 2020, Singapore‟s expenditure over the GDP will increase to 15.2% while the average tax revenue over the GDP from 2001 to 2012 was about 14.8%.Together with the need to ensure equitability of Singapore‟s tax system by increasing her expenditure on special transfers, it is likely that Singapore will need to increase her tax revenue in future. Therefore, Singapore‟s tax system needs to be reformed to one that promotes growth with equity while raising more tax revenue. Bachelor of Arts 2014-05-02T07:52:20Z 2014-05-02T07:52:20Z 2014 2014 Final Year Project (FYP) http://hdl.handle.net/10356/59374 en Nanyang Technological University 59 p. application/pdf
spellingShingle DRNTU::Social sciences::Economic theory::Public finance
Chang, Min Min
Chua, Valerie Hui Er
Koh, Jieqi
Singapore’s taxation system
title Singapore’s taxation system
title_full Singapore’s taxation system
title_fullStr Singapore’s taxation system
title_full_unstemmed Singapore’s taxation system
title_short Singapore’s taxation system
title_sort singapore s taxation system
topic DRNTU::Social sciences::Economic theory::Public finance
url http://hdl.handle.net/10356/59374
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