Singapore abolished Estate Tax, which it had inherited during the British era. The move will encourage Singapore to become a attractive place for wealth to be invested and built up, whether by Singaporeans or foreigners.
The Finance Minister, Mr.Tharman Shanmugaratnam in the budget speech said
” Wealth is also being managed today on a global basis. Proponents of removing estate duty have therefore argued that removing it would encourage wealthy individuals from all over Asia to bring their assets into Singapore, thus supporting the growth of the wealth management industry. Ordinary Singaporeans have also argued that having worked, paid taxes on their income and property, and built up their savings, they want to be able to pass it on to their families. Some are in fact liable for Estate Duty when their estates receive large life insurance payouts. ”
The Estate Duty will be removed with immediate effects from Singapore tax regime. It is not just a practical or expedient measure, but one that on balance will be in our collective interest. If we It is not a zero sum game
Ms. Ragini Dhanvantray, CEO of Rikvin Consultancy welcomes the “death of the estate duty tax”. Singapore is fast becoming a business city of choice. With excellent business infrastructure, political stability, and close economic ties with many of the world’s leading economies, there has never been better time than now for entrepreneurs to migrate and set up a business in Singapore. For client who wishes to set up its business in Singapore, Rikvin provides a full range of Singapore Company Formation for estate planning including processing of Singapore Employment Pass or EntrePass application for business migration.