Singapore needs a more inclusive tax system: PwC report

Singapore

FOLLOWING recent global developments that aim to clamp down on base erosion and profit shifting (BEPS) practices of some multinationals, as well as the increasing emphasis on tax transparency, there is a need for Singapore to move towards a more inclusive tax system, a report says.

In a white paper titled Singapore: Sovereignty, Society, Substance, Success, PwC Singapore on Thursday called for tax reforms so the country can reposition itself for value creation to fuel the economy's growth.