Australia should emulate Singapore

In the whole Asia-Pacific region there is no more pro business country then Singapore. Not only it encourages free trade and commerce it provides lower taxes which is helping its economy in many ways. Even though its such a Tiny country but despite that it is home to some of the biggest companies in the world. I think SingTel is one such example. Singtel owns mobile networks in many countries including Australia with its OPTUS brand. India, which is emerging no.1 market in mobile communications also has SingTel connections. Largest mobile operator of India is Bharti Airtel with more than 82 million subscribers is partially owned by SingTel.

Singapore

* Zero tax for new Singapore companies on the first 100K annual profits for the first 3 years
* All companies to enjoy approx. 9% corporate tax rate for profits up to 300K
* Overall company tax rate lowered to flat 18%

The corporate tax rate for all new and existing companies with tax filing from 2008 onwards year has been reduced to flat 18% with the following additional tax exemptions and incentives designed for small-to-midsize companies:

Full Tax Exemption
Full corporate tax exemption will be granted on normal chargeable income of a qualifying company up to $100,000, for each of its first three consecutive tax filing years.



I believe Australian govt. should also do the same and reduce business taxes in Australia.

With some information from :- AsiaBiz