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BUDGET DEBATE

IRAS on alert for attempts to escape tax using shell set-ups

Minister notes risk that high income earners may set up companies to avoid higher personal income taxes

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Senior Minister of State for Transport and Finance Josephine Teo also pointed to the use of property taxes to create a more progressive tax system.

Singapore

SINGAPORE'S tax authority will be on the lookout for high-income earners who set up shell companies to avoid stiffer income taxes, Senior Minister of State for Transport and Finance Josephine Teo said on Monday.

This comes as the government has moved to raise income taxes

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