Singapore needs to remain competitive

SINCE independence, Singapore has stood out in the Asia-Pacific for attracting foreign direct investments (FDI) through its free, open and diversified economy.

However, global competition is intensifying. Our Asia-Pacific neighbours are enhancing their own competitiveness, and some of our traditional trading partners have also adopted a more protectionist stance to boost their economic prospects. One of the biggest indicators of this is the gradual decline of corporate income tax (CIT) rates by an average of seven percentage points this past decade in the Asia-Pacific.

Recent tax reforms in the US will see the h…