Turning Britishland into Singapore? It’s an intriguing concept, as explained here. An excerpt:
There is nothing new in the comparison between modern Britain and circumstances in Singapore when it gained independence in 1965. Like the UK following the Brexit referendum, Singapore was involved in a rancorous divorce from a much larger geopolitical entity that left it facing an uncertain path. For one island’s withdrawal from the European Union in 2016, read another’s split from the Federation of Malaysia 55 years ago.
As many a minister has pointed out in recent years, Singapore went on to conjure an economic miracle. In the space of a generation, it has transformed itself from a country where the average citizen was two and a half times poorer than the average Briton, to a hotbed of soaring prosperity where total economic output is now 70 per cent higher than in the UK.
Here’s what the Brits would have to do, though:
In a country where the average monthly salary is about S$70,000 (£40,000), [Singapore] residents pay income tax of just 7 per cent – less than half of the 20 per cent charged in the UK – while a salary equivalent to £46,000 would attract 11.5 per cent tax.
The individual tax ceiling is 24 per cent, payable only by those earning more than 1 million Singapore dollars; the equivalent rate in the UK is 45 per cent, a bracket that comes into play for anyone with a salary of more than £125,140 (about 217,000 Singapore dollars).
The country’s more favorable tax regime extends to corporation tax, which stands at 17 per cent in Singapore compared with 25 per cent in the UK. There is no capital gains or inheritance tax.
Cut and eliminate taxes? In Britain?
Hence the title of this post.
...no, I don’t know who any of these people are, either.
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