PAP gives US Chip maker USD$822 million tax savings, and than they move out!!

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An honorable member of the Coffee Shop Has Just Posted the Following:

I wonder what is the true numbers over the years for MNCs who come to Singapore, take the tax savings and credits offered by the stupid PAP, and than run road after the tax incentives run out? In this case, the singapore tax payers lost USD$822 million in taxes to the IRAS from this US chip maker. And of all places, they run road to Ireland? What does it say when a western european country like Ireland has a lower cost base than Singapore? Even with no minimum wage, low taxes, etc. we still cannot beat Ireland? WTF? PAP better wake up their fucking ideas. If we have to bribe these companies with almost SGD$1billion to come to set up shop in singapore, than it says something about our business environment. It says that we are not competitive at all. Companies should want to set up shop here and come without any incentives at all. Any govt can bribe MNCs with USD$400 million a tax savings too. We don't need the PAP for that, any oppo party can do it. Fucking EDB is just not doing its job.

US chipmaker moves some operations out of Singapore

Broadcom's shift to Ireland is a blow to already troubled electronics sector

A large American chipmaker has moved some operations out of Singapore to Ireland, which is likely to weigh on the already troubled electronics sector here.

Broadcom, a Fortune 500 company based in California and listed on Nasdaq, said in its latest annual report that after March 31 this year, it would "utilise (its) Irish trading company for certain foreign operations".

The move coincided with the termination of tax incentives that it enjoyed in Singapore, which it said ended in March.

The incentives reduced its Singapore taxes by US$423 million (S$528 million) last year and by US$399 million in 2012.


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