Global tax reforms will not hurt Singapore's competitiveness: EDB chairman
SINGAPORE is confident that global tax reforms will not hurt its competitiveness given the "strong value propositions" it has built up over the years, said Singapore Economic Development Board (EDB) chairman Beh Swan Gin.
"If indeed there is a global multilateral effort where such tax incentives are no longer offered, we are not concerned at all because we are quite comfortable and confident that over the past five, six decades of development, Singapore has built up very strong value propositions that can attract companies to come," Dr Beh said in a wide-ranging interview with Singapore journalists to mark the EDB's 60th anniversary this year.
He was referring to the Base Erosion and Profit Shifting (BEPS) 2.0 project, which is still under negotiation amid growing momentum towards an international consensus.
In June, the Group of Seven (G-7) largest economies in the world reached a landmark deal to back a minimum global corporate rate of at least 15 per cent, and this has since been endorsed by G-20 finance ministers last month.