Each country has its own tax system, except for five: United Arab Emirates, Bahamas, Bermuda, Andorra and Monaco. My topic is economic analysis of Singapore. Singapore is located in Asia and belongs to Southeast Asia. Moved to southern Malaysia. Its location is 1°22' N, 103°48' E, between Indonesia and Malaysia. To the east of Singapore, facing the South China Sea, to the west is the Indian Ocean. In 1819, the British founded Singapore as a trading colony. It joined the Malaysian FA in 1963 but was expelled and independent two years later. There is a famous strait that connects the South China Sea to the Indian Ocean. Singapore's current achievements are closely linked to the Singapore Strait. There are 500 merchant ships coming and going from the Singapore Strait every day, about 80% of which go to Singapore for resupply or shopping. Many countries have set up economic and trade offices in Singapore. Its fastest growth was in the 1980s, when it was nicknamed the Asian Tigers (Singapore, Hong Kong, Taiwan, South Korea). Singapore has subsequently become one of the most prosperous countries in the world, has a strong international trade link (in terms of tonnage, the port of Singapore is one of the busiest ports in the world), gross domestic product (GDP) per capita and major Western countries. Say no to plagiarism. Get Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get Original EssaySingapore is located in the tropics, controlled by the lower equatorial belt, as the rainy equatorial climate, long summers without winter, the temperature in the temperature difference and temperature difference are small, the average annual temperature between 75° Fahrenheit (24° Celsius) and 94° Fahrenheit (34° Celsius) between most of January, affected by winds northeast monsoon from China, a relatively dry northeast will The average temperature in Singapore hovers around 73 to 75 degrees Fahrenheit, and it will be better. Between April and May, temperatures will rise slightly and precipitation will increase. Humidity is high, with an average daily relative humidity of 84%. Precipitation is sufficient and thunderstorms are frequent. Annual precipitation is approximately 2,400 millimeters. It rains every year from November to January. Additionally, Singapore's average temperature is significantly higher than its tropical neighbors due to the rapid development of urban areas over the decades, which has affected the entire country through the heat island effect. According to statistics, as of July 15, 2018, the population of Singapore was 5,951,112. There are four main ethnic groups, including Chinese 74.3%, Malays 13.4%, Indians 9% and others 3.2%. Religions, including Buddhist 33.2%, Christian 18.8%, Muslim 14%, Taoist 10%, Hindu 5%, other 0.6%, none 18.5% (2015 est.). There is an area of ​​277.7 square miles (719.2 square kilometers) in Singapore, including land. area of ​​273.8 square miles (709.2 square kilometers) and 3.9 square miles (10 square kilometers) of water area. There are three famous colleges in Singapore: National University of Singapore (NUS), Nanyang Technological University (NTU), and Singapore Management University (SMU). Many languages ​​are spoken in Singapore. Including English, Chinese (Mandarin, Cantonese, Fujianese, etc.), Indo, Malay and Indonesian. English is the official language of Singapore. Singapore currency: Singapore dollar, symbol $ and one hundred S¢. Frequency used: $1, S¢5, S¢10, S¢20, S¢50; $2,$5, $10, $50. Rarely used: $1, $20, $25, $100, $500, $1,000, $10,000 and 1 S¢. Exchange rate 1 USD = 1.5 SGD Singapore offers a legal system that is well-functioning, efficient and free of corruption. The system is designed to ensure that your rights and contracts are honored and that disputes can be resolved quickly and cost-effectively. Singapore has a highly developed and prosperous free market economy. It benefits from a very open and uncorrupted environment, stable prices and a GDP per capita higher than that of the most developed countries. Unemployment is low. Singapore's economy relies heavily on exports, particularly electronics, petroleum, chemicals, medical and optical equipment, pharmaceuticals, and the country's dynamic transportation, trade, and financial services sectors. Singapore Fiscal Policy Fiscal policy uses government spending and revenue to influence the economy. The two main tools of fiscal policy are public spending and taxes. In Singapore, the long-term objective of fiscal policy is to: promote and support sustained, non-inflationary economic growth; maintain a balanced budget, i.e. finance all operating and development expenses from operating income during the economic cycle; and focus public spending on programs that provide basic public goods and services, such as education, health care, infrastructure, housing, and environmental protection. These goals are based on recognition of the role of market forces in promoting economic and financial prudence and an emphasis on human and infrastructure investment. Singapore Tax Policy Tax policy is an integral part of tax policy. The main objectives of Singapore's tax policy are:increasing revenue. This is the traditional objective of tax policy. Taxation is an important source of funds for government operations. Promote economic and social objectives. Taxes are used to influence people's behavior toward desirable social and economic goals. To encourage mechanization and automation, for example, the government allows accelerated capital subsidies for most assets used for commercial purposes. Tax cuts encourage Singaporeans to have more children. The basic principle of Singapore's tax policy is to remain competitive with businesses and individuals. Maintaining competitive interest rates will help us continue to attract foreign investment. Keeping interest rates low will encourage our people to work hard. This will also promote risk-taking and encourage entrepreneurship. To increase the flexibility of taxation as a source of government revenue, a goods and services tax was introduced in 1994. This balanced combination of consumption and income taxes reduces the vulnerability of tax revenues to adverse changes of the economic environment and improves the resilience of countries. Singapore's fiscal situation. The Inland Revenue Authority of Singapore (IRAS) was established in 1960, formerly known as the Inland Revenue Department. It integrates all major revenue collection agencies into one organization, making the management and collection process more streamlined and better managed. IRAS are also known to be efficient tax administrators and friendly tax collectors. The tax department is responsible for collecting income tax, property tax,.