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Singapore scores well for overall competitiveness |
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Land costs, utility charges and income tax regime still attractive
Singapore remains an attractive business location because it scores highly in terms of overall competitiveness, even though its wages may be relatively high compared with most developing countries in the region.
Making this point, Deputy Prime Minister Lee Hsien Loong noted that Singapore's cost structure was not "wildly out of line" with those of the region's economies.
Land costs and rentals had fallen significantly over the ten years since 1994, by as much as 41 per cent for office properties. In fact, office and housing rents are not high compared with other developed economies in Asia or even with major Chinese cities like Shanghai or Beijing.
Besides the current CPF revamp, the government had also tackled many other components of business costs. Singapore's income tax regime is now one of the lowest in the world and its utility charges are lower than those of many other countries, following the liberalisation of the energy market.
"We have to judge Singapore on our overrall competitiveness. Wages are important, but so is our overall competitiveness," DPM Lee said. |
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