Despite an active HC development framework, Singapore's participation in O&G remans principally as corporate domicile, opposed to host contacting government.
June 11, 2021
Asia - South East
Singapore has a corporate income tax (CIT) regime that is applicable across all industries. There is no separate fiscal regime for companies in the energy industry.
Singapore maintains an open, heavily trade-dependent economy, characterized by a predominantly open investment regime, with strong government commitment to maintaining a free market and to actively managing Singapore’s economic development. U.S. companies regularly cite transparency and lack of corruption, business-friendly laws and regulations, tax structure, customs facilitation, intellectual property protections, and well-developed infrastructure as attractive features of the investment climate. The World Bank’s Doing Business 2020 report ranked Singapore as the world’s second-easiest country in which to do business. The Global Competitiveness Report 2019 by the World Economic Forum ranked Singapore as the most competitive economy globally. Singapore actively enforces its robust anti-corruption laws and typically ranks as the least corrupt country in Asia and one of the least corrupt in the world. Transparency International’s 2018 Corruption Perception Index placed Singapore as the fourth least corrupt nation.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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