The UK’s political left fears that post-Brexit, Britain will become a Singapore-style tax haven and home to the world’s largest corporations who profit at the expense of the people. Yet, despite Singapore’s low corporate tax regime, corporation tax is actually the nation’s largest source of income. By contrast, personal income tax stood at just 15% of Singapore’s national income. Meanwhile, in the UK, personal income and capital taxes are expected to bring in £243bn this year while corporation tax will net just £55bn. Evidently, the notion that higher corporate taxes will shift the burden from individuals and onto corporations is not playing out according to plan.
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