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A comparative study of the recent use of corporate income taxation in Canada and Singapore as a means to stimulate industrial development Nyan, Boon Hang

Abstract

Providing incentives to foster industrialization has been much in vogue in the developing countries in recent years. It is felt that, in the spree of enthusiasm to provide incentives to industries, the question of whether these incentives are appropriate to the economic problems at hand may not always be considered by the national government to the extent they desired. This study deals specifically with the tax incentives by way of corporate income taxation in Canada and Singapore. The purpose of this comparative study is to draw out the significant similarities and differences in the economic backgrounds and approaches by a system of tax incentives to assist in solving the underlying economic difficulties. It appears that in Canada incentives by way of corporate income taxation may not have had the anticipated impact on the Canadian economy. Many of the Canadian tax incentives seem to be too short-lived to influence long-term business investment decisions. In Singapore, possibly because of the urgency of its economic problems, the tax incentive legislation permits a long term use of the incentives which may therefore have a greater impact in influencing the long-term structure of the economy. The conclusion has been reached that in spite of the vastly marked social, economic and geographic differences between the two countries they have, however, employed substantially similar incentives to varying extent to stimulate the economies toward industrial development, although the economic environments of the two countries seem to require different approaches.

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