S'pore's tax system can be more transparent

[SINGAPORE] Singapore can afford to make its tax system more transparent, especially when it comes to incentives granted to corporations that invest here, said tax experts at BT's Budget Roundtable.

This would help to quell concerns that Singapore, in offering such tax holidays, may not be getting enough bang for its buck; it would also provide foreign investors a better picture of what's expected of them.

Tax incentives like the Pioneer Incentive Scheme - which awards companies 100 per cent tax exemption on qualifying profits for up to 15 years - encourage multinationals to set up shop here. In exchange, they are expected to embark on projects that involve substantial investments in Singapore, to help create new target industries or expand existing ones and create jobs for Singaporeans.