Singapore among worst hit by investment cutback after US tax reform
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Singapore
ONE year after the 2017 US Tax Cuts and Jobs Act (TCJA) kicked in, Singapore is the biggest hit among US major investment destinations, according to figures released recently by the US Department of Commerce.
With taxes on repatriated US corporate earnings generally eliminated, US multinational corporations (MNCs) withdrew a whopping US$51.4 billion in direct investments from Singapore last year, down about 19 per cent from a cumulative US$270.26 billion in 2017 when the TCJA was introduced.
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