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143-767: The SSCP was headquartered in Singapore . The SSCP disbanded in 1930, and national communist parties were formed, such as the Communist Party of Indochina (led by Ho Chi Minh), Malayan Communist Party and Communist Party of Siam . A minor branch of the South Seas Communist Party was formed in Burma . The group was formed by Wu Wei Sai (alias Wu Ching Sin), who had arrived to Rangoon in May 1929. Along with his wife he conducted propaganda activities in

286-483: A Vietnamese source from the same time period. The name possibly means Sea Town , being derived from the Malay tasek , meaning 'sea' or 'lake'. The Chinese traveller Wang Dayuan visited a place around 1330 named Danmaxi ( Chinese : 淡馬錫 ; pinyin : Dànmǎxí ; Wade–Giles : Tan Ma Hsi ) or Tam ma siak , depending on pronunciation; this may be a transcription of Temasek , alternatively, it may be

429-561: A hinterland , the nation rapidly developed to become one of the Four Asian Tigers . As a highly developed country , it has one of the highest GDP per capita (PPP) in the world. It is also identified as a tax haven . Singapore is the only country in Asia with a AAA sovereign credit rating from all major rating agencies . It is a major aviation , financial , and maritime shipping hub and has consistently been ranked as one of

572-524: A snap election ). The 14th and current Parliament has 103 members; 93 were directly elected from the 31 constituencies , nine are nonpartisan nominated members appointed by the president, and three are non-constituency members from opposition parties who were not elected in the last general election but appointed to the legislature to increase opposition party representation. In group representation constituencies (GRCs), political parties assemble teams of candidates to contest elections. At least one MP in

715-664: A § Top 10 tax havens in all three quantitative lists, Hines 2010, ITEP 2017 and Zucman 2018 (above); all nine such § Top 10 tax havens are listed below. (♣) Appears on the James Hines 2010 list of 52 tax havens; 17 of the 20 locations below, are on the James Hines 2010 list. (Δ) Identified on the largest OECD 2000 list of 35 tax havens (the OECD list only contained Trinidad & Tobago by 2017); only four locations below were ever on an OECD list. (↕) Identified on

858-536: A GRC must be of an ethnic minority background. All elections are held using first-past-the-post voting . MPs host weekly political surgeries , called " Meet-the-People Sessions ", where they help constituents resolve personal issues which can be related to housing, financial assistance, and immigration. The People's Action Party occupies a dominant position in Singaporean politics, having won large parliamentary majorities in every election since self-governance

1001-611: A Muslim state, the soldiers rebelled, killing their officers and several British civilians before the mutiny was suppressed by non-Muslim troops arriving from Johore and Burma . After World War I , the British built the large Singapore Naval Base as part of the defensive Singapore strategy . Originally announced in 1921, the construction of the base proceeded at a slow pace until the Japanese invasion of Manchuria in 1931. Costing $ 60 million and not fully completed in 1938, it

1144-486: A candidate needs to be a person at least 45 years of age who is no longer a member of a political party, to either have held public office for at least 3 years in a number of specific public service leadership roles, or to have 3 years experience as chief executive of a fully profitable private sector company with at least S$ 500 million in shareholders' equity , be a resident in Singapore for at least 10 years, not have

1287-578: A combination of the Malay Tanah meaning 'land' and Chinese xi meaning 'tin', which was traded on the island. Variations of the name Siṃhapura were used for a number of cities throughout the region prior to the establishment of the Kingdom of Singapura . In Hindu–Buddhist culture , lions were associated with power and protection, which may explain the attraction of such a name. The name Singapura supplanted Temasek sometime before

1430-608: A communist takeover. On 27 May 1961, Malaya's prime minister, Tunku Abdul Rahman , made a surprise proposal for a new Federation called Malaysia , which would unite the current and former British possessions in the region: the Federation of Malaya , Singapore, Brunei , North Borneo , and Sarawak . UMNO leaders believed that the additional Malay population in the Bornean territories would balance Singapore's Chinese population. The British government, for its part, believed that

1573-406: A consequence they have few bilateral tax treaties . Modern corporate tax havens have non-zero "headline" rates of taxation and high levels of OECD compliance, and thus have large networks of bilateral tax treaties. However, their base erosion and profit shifting ("BEPS") tools enable corporates to achieve "effective" tax rates closer to zero, not just in the haven but in all countries with which

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1716-594: A criminal record, and more. Candidates must also "satisfy" the Presidential Elections Committee (PEC) that he or she is a person of integrity, good character and reputation. From 2017, the Constitution requires that presidential elections be " reserved " for a racial community if no one from that ethnic group has been elected to the presidency in the five most recent terms. Only members of that community may qualify as candidates in

1859-459: A cut from customers. In response, amendments were made to the Women's Charter by the government in 2019 to legislate more serious punishments for traffickers, including imprisonment of up to seven years and a fine of S$ 100,000. Singapore has a highly developed market economy , based historically on extended entrepôt trade. Along with Hong Kong , South Korea , and Taiwan , Singapore is one of

2002-551: A handful members. Some were deported to China by the British authorities. This communist party –related article is a stub . You can help Misplaced Pages by expanding it . Singapore Singapore , officially the Republic of Singapore , is an island country and city-state in Southeast Asia . The country's territory comprises one main island , 63 satellite islands and islets , and one outlying islet . It

2145-526: A handful of Chinese . By 1860 the population had swelled to over 80,000, more than half being Chinese . Many of these early immigrants came to work on the pepper and gambier plantations. In 1867, the Straits Settlements were separated from British India , coming under the direct control of Britain . Later, in the 1890s, when the rubber industry became established in Malaya and Singapore,

2288-479: A hybrid "territorial" tax system, and proposed EU Digital Services Tax regime, and EU Common Consolidated Corporate Tax Base ). While areas of low taxation are recorded in Ancient Greece, tax academics identify what we know as tax havens as being a modern phenomenon, and note the following phases in their development: There is no established consensus regarding a specific definition for what constitutes

2431-486: A list of 52 tax havens , which he had scaled quantitatively by analysing corporate investment flows. Hines' largest havens were dominated by corporate tax havens, who Dharmapala noted in 2014 accounted for the bulk of global tax haven activity from BEPS tools. The Hines 2010 list was the first to estimate the ten largest global tax havens, only two of which, Jersey and the British Virgin Islands, were on

2574-461: A local medical degree can opt to defer their draft. Though not required to perform military service, the number of women in the SAF has been increasing: since 1989 they have been allowed to fill military vocations formerly reserved for men. Before induction into a specific branch of the armed forces, recruits undergo at least nine weeks of basic military training. Because of the scarcity of open land on

2717-534: A loss of tax revenues to countries which are not tax havens. Estimates of the § Financial scale of taxes avoided vary, but the most credible have a range of US$ 100–250 billion per annum. In addition, capital held in tax havens can permanently leave the tax base (base erosion). Estimates of capital held in tax havens also vary: the most credible estimates are between US$ 7–10 trillion (up to 10% of global assets). The harm of traditional and corporate tax havens has been particularly noted in developing nations, where

2860-533: A maritime emporium known as Temasek and subsequently a major constituent part of several successive thalassocratic empires. Its contemporary era began in 1819, when Stamford Raffles established Singapore as an entrepôt trading post of the British Empire . In 1867, Singapore came under the direct control of Britain as part of the Straits Settlements . During World War II , Singapore

3003-652: A mezzanine floor of MacDonald House exploded, killing three people and injuring 33 others. It was the deadliest of at least 42 bomb incidents which occurred during the confrontation. Two members of the Indonesian Marine Corps , Osman bin Haji Mohamed Ali and Harun bin Said , were eventually convicted and executed for the crime. The explosion caused US$ 250,000 (equivalent to US$ 2,417,107 in 2023) in damages to MacDonald House. Even after

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3146-706: A newly independent country. After being expelled from Malaysia, Singapore became independent as the Republic of Singapore on 9 August 1965, with Lee Kuan Yew and Yusof bin Ishak as the first prime minister and president respectively. In 1967, the country co-founded the Association of Southeast Asian Nations (ASEAN). Race riots broke out once more in 1969. Lee Kuan Yew's emphasis on rapid economic growth, support for business entrepreneurship, and limitations on internal democracy shaped Singapore's policies for

3289-595: A reserved presidential election. In the 2017 presidential election , this combination of stringent requirements and a reserved election that required the candidate to be of the 13% Malay ethnic group led to the PEC approving a single candidate for the presidency; Halimah Yacob , considered part of the Malay community, won in an uncontested election. She also became Singapore's first female president. Members of Parliament (MPs) are elected at least every five years (or sooner with

3432-421: A strange beast on the island that he took to be a lion. Seeing this as an omen, he established the town of Singapura where he encountered the beast. The second hypothesis, drawn from Portuguese sources , postulates that this mythical story is based on the real life Parameswara of Palembang . Parameswara declared independence from Majapahit and mounted a Lion Throne. After then being driven into exile by

3575-625: A tax haven also offers financial secrecy . However, while countries with high levels of secrecy but also high rates of taxation, most notably the United States and Germany in the Financial Secrecy Index (FSI) rankings, can be featured in some tax haven lists, they are often omitted from lists for political reasons or through lack of subject matter knowledge. In contrast, countries with lower levels of secrecy but also low "effective" rates of taxation, most notably Ireland in

3718-544: A tax haven. This is the conclusion from non-governmental organisations , such as the Tax Justice Network in 2018, from the 2008 investigation by the U.S. Government Accountability Office , from the 2015 investigation by the U.S. Congressional Research Service , from the 2017 investigation by the European Parliament, and from leading academic researchers of tax havens. The issue, however,

3861-983: Is about one degree of latitude (137 kilometres or 85 miles) north of the equator , off the southern tip of the Malay Peninsula , bordering the Strait of Malacca to the west, the Singapore Strait to the south along with the Riau Islands in Indonesia , the South China Sea to the east, and the Straits of Johor along with the State of Johor in Malaysia to the north. Singapore's history dates back at least eight hundred years, having been

4004-855: Is also a founding member of The Forum of Small States (FOSS) , a voluntary and informal grouping at the UN. Singapore maintains membership in other regional organisations, such as Asia–Europe Meeting , the Forum for East Asia-Latin American Cooperation , the Indian Ocean Rim Association , and the East Asia Summit . It is also a member of the Non-Aligned Movement, the United Nations and

4147-835: Is also a member of the United Nations , the World Trade Organization , the East Asia Summit , the Non-Aligned Movement , and the Commonwealth of Nations . The English name of "Singapore" is an anglicisation of the native Malay name for the country, Singapura ( pronounced [siŋapura] ), which was in turn derived from the Sanskrit word for 'lion city' ( Sanskrit : सिंहपुर ; romanised: Siṃhapura ; Brahmi : 𑀲𑀺𑀁𑀳𑀧𑀼𑀭 ; literally "lion city"; siṃha means 'lion', pura means 'city' or 'fortress'). Pulau Ujong

4290-598: Is enshrined in the constitution and continues to shape national policies in education, housing, and politics. Singapore is a parliamentary republic in the Westminster tradition of unicameral parliamentary government, and its legal system is based on common law . While the country is de jure a multi-party democracy with free elections , the government under the People's Action Party (PAP) wields widespread control and political dominance . The PAP has governed

4433-529: Is focused on quantitative analysis (which can be ranked), and tends to ignore very small tax havens where data is limited as the haven is used for individual tax avoidance rather than corporate tax avoidance. The last credible broad unranked list of global tax havens is the James Hines 2010 list of 52 tax havens. It is shown below but expanded to 55 to include havens identified in the July 2017 Conduit and Sink OFCs study that were not considered havens in 2010, namely

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4576-640: Is maintaining security in Southeast Asia and surrounding territories. An underlying principle is political and economic stability in the region. It has diplomatic relations with more than 180 sovereign states. As one of the five founding members of ASEAN , Singapore is a strong supporter of the ASEAN Free Trade Area (AFTA) and the ASEAN Investment Area (AIA); it is also the host of the APEC Secretariat. Singapore

4719-422: Is material, as being labelled a "tax haven" has consequences for a country seeking to develop and trade under bilateral tax treaties. When Ireland was "blacklisted" by G20 member Brazil in 2016, bilateral trade declined. One of the first § Important papers on tax havens , was the 1994 Hines–Rice paper by James R. Hines Jr. It is the most cited paper on tax haven research, even in late 2017, and Hines

4862-704: Is regarded as a key factor behind Singapore's political stability, economic growth, and harmonious social order. In 2021, the World Justice Project 's Rule of Law Index ranked Singapore as 17th overall among the world's 193 countries for adherence to the rule of law . Singapore ranked high on the factors of order and security (#3), absence of corruption (#3), regulatory enforcement (#4), civil justice (#8), and criminal justice (#7), and ranked significantly lower on factors of open government (#34), constraints on government powers (#32), and fundamental rights (#38). Singapore's stated foreign policy priority

5005-437: Is the most cited author on tax haven research. As well as offering insights into tax havens, it took the view that the diversity of countries that become tax havens was so great that detailed definitions were inappropriate. Hines merely noted that tax havens were: "a group of countries with unusually low tax rates". Hines reaffirmed this approach in a 2009 paper with Dhammika Dharmapala . In December 2008, Dharmapala wrote that

5148-464: Is the right policy and that there is "clear evidence" of serious deterrence , and that the law should be looked at upon in the wider context of "saving lives", particularly citizens. In 2004, Amnesty International claimed that some legal provisions of the Singapore system for the death penalty conflict with "the right to be presumed innocent until proven guilty". The government has disputed Amnesty's claims, stating that their "position on abolition of

5291-598: The 1964 race riots . On 7 August 1965, Malaysian prime minister Tunku Abdul Rahman, seeing no alternative to avoid further bloodshed (and with the help of secret negotiations by PAP leaders, as revealed in 2015) advised the Parliament of Malaysia that it should vote to expel Singapore from Malaysia. On 9 August 1965, the Malaysian Parliament voted 126 to 0 to move a bill to amend the constitution, expelling Singapore from Malaysia, which left Singapore as

5434-564: The 2004 Indian Ocean earthquake and tsunami . Since 2009, the Republic of Singapore Navy (RSN) has deployed ships to the Gulf of Aden to aid in countering piracy efforts as part of Task Force 151 . The SAF also helped in relief efforts during Hurricane Katrina , and Typhoon Haiyan . Singapore is part of the Five Power Defence Arrangements (FPDA), a military alliance with Australia, Malaysia, New Zealand, and

5577-537: The Cayman Islands , as Google, Facebook and Apple do not appear on Orbis. Even so, Zucman's 2018 list of top 10 havens also matched 9 of the top 10 havens in Hines' 2010 list, but with Ireland as the largest global haven. These lists (Hines 2010, CORPNET 2017 and Zucman 2018), and others, which followed a purely quantitive approach, showed a firm consensus around the largest corporate tax havens. In October 2009,

5720-679: The Commonwealth . While Singapore is not a formal member of the G20 , it has been invited to participate in G20 processes in most years since 2010. Singapore is also the location of the Pacific Economic Cooperation Council (PECC) Secretariat. In general, bilateral relations with other ASEAN members are strong; however, disagreements have arisen, and relations with neighbouring Malaysia and Indonesia have sometimes been strained. Malaysia and Singapore have clashed over

5863-495: The Digital and Intelligence Service . It is seen as the guarantor of the country's independence, translating into Singapore culture, involving all citizens in the country's defence. The government spent 2.7% of the country's GDP on the military in 2024, the highest in the region. After its independence, Singapore had only two infantry regiments commanded by British officers. Considered too small to provide effective security for

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6006-402: The Financial Secrecy Index ), but not on corporate tax haven or traditional tax haven lists, are: Neither the U.S. nor Germany have appeared on any tax haven lists by the main academic leaders in tax haven research, namely James R. Hines Jr. , Dhammika Dharmapala , or Gabriel Zucman . There are no known cases of foreign firms executing tax inversions to the U.S. or Germany for tax purposes,

6149-461: The Four Asian Tigers , and has surpassed its peers in terms of Gross Domestic Product (GDP) per capita. Between 1965 and 1995, growth rates averaged around 6 per cent per annum, transforming the living standards of the population. Tax haven A tax haven is a term, often used pejoratively, to describe a place with very low tax rates for non-domiciled investors , even if the official rates may be higher. In some older definitions,

6292-493: The Javanese , he usurped control over Temasek . He may have rechristened the area as Singapura , recalling the throne he had been driven from. Under Japanese occupation , Singapore was renamed Syonan-to ( Japanese : 昭 南 , Hepburn : Shōnan ) , meaning 'light of the south'. Singapore is sometimes referred to by the nickname the "Garden City", in reference to its parks and tree-lined streets. Another informal name,

6435-464: The MATADOR anti-tank weapon. The SAF is being developed to respond to a wide range of issues in both conventional and unconventional warfare. The Defence Science and Technology Agency (DSTA) is responsible for procuring resources for the military. The geographic restrictions of Singapore mean that the SAF must plan to fully repulse an attack, as they cannot fall back and re-group. The small size of

6578-836: The NBER listed the key tax havens as: "Ireland, Luxembourg, Netherlands, Switzerland, Singapore, Bermuda and [the] Caribbean havens". (*) Appears as a top ten tax haven in all three lists; 9 major tax havens meet this criterion, Ireland, Singapore, Switzerland and the Netherlands (the Conduit OFCs), and the Cayman Islands, British Virgin Islands, Luxembourg, Hong Kong and Bermuda (the Sink OFCs) . (†) Also appears as one of 5 Conduit OFC (Ireland, Singapore, Switzerland,

6721-754: The OCDE . CRS countries require banks and other entities to identify the residence of account holders, beneficial owners of corporate entities and record yearly account balances and communicate such information to local tax agencies, which will report back to tax agencies where account holders or beneficial owners of corporations reside. CRS intends to end offshore financial secrecy and tax evasion giving tax agencies knowledge to tax offshore income and assets. However very large and complex corporations, like multinationals , can still shift profits to corporate tax havens using intricate schemes. Traditional tax havens, like Jersey , are open about zero rates of taxation – as

6864-747: The Republic of Singapore Air Force (RSAF) maintains a number of overseas bases in Australia , the United States , and France . The RSAF's 130 Squadron is based in RAAF Base Pearce , Western Australia , and its 126 Squadron is based in the Oakey Army Aviation Centre , Queensland . The RSAF has one squadron—the 150 Squadron—based in Cazaux Air Base in southern France. The RSAF's overseas detachments in

7007-540: The Speakers' Corner . In the Corruption Perceptions Index , which ranks countries by "perceived levels of public sector corruption", Singapore has consistently ranked as one of the least corrupt countries in the world, in spite of being illiberal. Singapore's unique combination of a strong, soft authoritarian government with an emphasis on meritocracy is known as the "Singapore model", and

7150-401: The Strait of Malacca has been a cause of concern for all three countries. Close economic ties exist with Brunei , and the two share a pegged currency value, through a Currency Interchangeability Agreement between the two countries which makes both Brunei dollar and Singapore dollar banknotes and coins legal tender in either country. The first diplomatic contact with China was made in

7293-403: The Tax Justice Network introduced the Financial Secrecy Index ("FSI") and the term "secrecy jurisdiction", to highlight issues in regard to OECD-compliant countries who have high tax rates and do not appear on academic lists of tax havens, but have transparency issues. The FSI does not assess tax rates or BEPS flows in its calculation; but it is often misinterpreted as a tax haven definition in

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7436-439: The most expensive cities to live in for expatriates and foreign workers . Singapore ranks highly in key social indicators: education , healthcare , quality of life , personal safety , infrastructure , and housing , with a home-ownership rate of 88 percent. Singaporeans enjoy one of the longest life expectancies , fastest Internet connection speeds , lowest infant mortality rates , and lowest levels of corruption in

7579-605: The § Top 10 tax havens lists, namely: Caribbean tax havens (e.g., Bermuda, the British Virgin Islands, and the Cayman Islands), Channel Islands tax havens (e.g. Jersey) and Asian tax havens (e.g., Singapore and Hong Kong). As discussed in § History , the United Kingdom created its first "non-resident company" in 1929, and led the Eurodollar offshore financial centre market post–World War II. Since

7722-597: The " Little Red Dot ", was adopted after an article in the Asian Wall Street Journal of 4 August 1998 said that Indonesian President B. J. Habibie referred to Singapore as a red dot on a map. In 1299, according to the Malay Annals , the Kingdom of Singapura was founded on the island by Sang Nila Utama . Although the historicity of the accounts as given in the Malay Annals is

7865-439: The "benevolent" yet "highly authoritarian" colonial system of governance inherited from Britain rather than forging a full democracy. A conservative ideology of " Asian values " evolved to replace British rule, based on "communal loyalty, distrust of government, and avoidance of individual or collective responsibility for wider public interests", with less regard for human rights in the nascent Western sense. The fact that "neither

8008-422: The 15th century, after the establishment of the Kingdom of Singapura on the island by a fleeing Sumatran Raja (prince) from Palembang . However, the precise time and reason for the name change is unknown. The semi-historical Malay Annals state that Temasek was christened Singapura by Sang Nila Utama , a 13th-century Sumatran Raja from Palembang . The Annals state that Sang Nila Utama encountered

8151-532: The 1970s, with full diplomatic relations established in the 1990s. China has been Singapore's largest trading partner since 2013, after surpassing Malaysia. Singapore and the United States share a long-standing close relationship, in particular in defence, the economy, health, and education. Singapore has also increased co-operation with ASEAN members and China to strengthen regional security and fight terrorism, and participated in ASEAN's first joint maritime exercise with China in 2018. It has also given support to

8294-430: The 2015 U.S. Congressional Research Service investigation into tax havens, as being restrictive, and enabling Hines' low-tax havens (i.e. to which the first criterion applies), to avoid the OECD definition by improving OECD cooperation (so the second and third criteria do not apply). Thus, the evidence (limited though it undoubtedly is) does not suggest any impact of the OECD initiative on tax-haven activity. [...] Thus,

8437-401: The East", and military discussions often referred to the base as simply " East of Suez ". However, the British Home Fleet was stationed in Europe, and the British could not afford to build a second fleet to protect their interests in Asia. The plan was for the Home Fleet to sail quickly to Singapore in the event of an emergency. As a consequence, after World War II broke out in 1939, the fleet

8580-596: The European Union's first 2017 list of 17 tax havens; only one location below is on the EU 2017 list. Sovereign states that feature mainly as major corporate tax havens are: Sovereign states or autonomous regions that feature as both major corporate tax havens and major traditional tax havens: Sovereign (including de facto) states that feature mainly as traditional tax havens (but have non-zero tax rates): Sovereign or sub-national states that are very traditional tax havens (i.e. explicit 0% rate of tax) include (fuller list in table opposite): Post–2010 research on tax havens

8723-412: The FSI rankings, appear in most § Tax haven lists . The consensus on effective tax rates has led academics to note that the term "tax haven" and " offshore financial centre " are almost synonymous. In reality, many offshore financial centers do not have harmful tax practices and are at the forefront among financial centers regarding AML practices and international tax reporting. Developments over

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8866-400: The Japanese changed its image in the eyes of Singaporeans. British Military Administration ended on 1 April 1946, and Singapore became a separate Crown Colony . In July 1947, separate Executive and Legislative Councils were established and the election of six members of the Legislative Council was scheduled for the following year. During the 1950s, Chinese communists , with strong ties to

9009-401: The Netherlands, and the United Kingdom), in CORPNET's 2017 research; or (‡) Also appears as a Top 5 Sink OFC (British Virgin Islands, Luxembourg, Hong Kong, Jersey, Bermuda), in CORPNET's 2017 research. (Δ) Identified on the first, and largest, OECD 2000 list of 35 tax havens (the OECD list only contained Trinidad & Tobago by 2017). The strongest consensus amongst academics regarding

9152-439: The OECD initiative cannot be expected to have much impact on corporate uses of tax havens, even if (or when) the initiative is fully implemented In April 2000, the Financial Stability Forum (or FSF) defined the related concept of an offshore financial centre (or OFC), which the IMF adopted in June 2000, producing a list of 46 OFCs . The FSF–IMF definition focused on the BEPS tools havens offer, and on Hines ' observation that

9295-410: The OECD process had removed much of the need to include "bank secrecy" in any definition of a tax haven and that it was now "first and foremost, low or zero corporate tax rates", and this has become the general "financial dictionary" definition of a tax haven. Hines refined his definition in 2016 to incorporate research on § Incentives for tax havens on governance, which is broadly accepted in

9438-500: The OECD's 2000 list. In July 2017, the University of Amsterdam 's CORPNET group ignored any definition of a tax haven and focused on a purely quantitive approach, analysing 98 million global corporate connections on the Orbis database . CORPNET's lists of top five Conduit OFCs , and top five Sink OFCs , matched 9 of the top 10 havens in Hines' 2010 list, only differing in the United Kingdom, which only transformed their tax code in 2009–12 . CORPNET's Conduit and Sink OFCs study split

9581-461: The OECD's new Global Forum on Transparency and Exchange of Information for Tax Purposes , and therefore would not meet Criteria ii and Criteria iii . As the OECD has never listed any of its 35 members as tax havens, Ireland, Luxembourg, the Netherlands, and Switzerland are sometimes defined as the "OECD tax havens". In 2017, only Trinidad & Tobago met the 1998 OECD definition; that definition thus fell into disrepute. (†) The 4th criterion

9724-419: The PAP drop to 61% of the vote, while the Workers' Party took 10 of the 93 seats, the highest number ever won by another party. On 15 May 2024, Lawrence Wong became Singapore's fourth Prime Minister; he is the first prime minister born after independence. Singapore is a parliamentary republic based on the Westminster system . The Constitution of Singapore is the supreme law of the country, establishing

9867-514: The People's Action Party has led to Singapore being described by academics as an illiberal democracy , or a soft-authoritarian state in which the PAP faces little to no feasible political competition to its rule of the country. The multi-party democratic process of Singapore has been described as "minimal" in comparison to the state's focus on economic development and social order. According to Gordon P. Means, professor emeritus of political science at McMaster University , Singapore reinvented

10010-410: The Rangoon Chinatown. A small group of followers was formed, but largely the establishment of a Chinese communist movement in Burma failed as the Chinese community in Burma was dominated by middle-class elements. Rangoon had relatively few Chinese labourers. Wu Wei Sai left Burma in 1930. The group that remained, the Provisional Committee, Special Division, Burma of the South Seas Communist Party, had only

10153-475: The Singapore Government to create the Singapore Armed Forces (SAF) from scratch, and Israeli instructors were brought in to train Singaporean soldiers. Military courses were conducted according to the IDF's format, and Singapore adopted a system of conscription and reserve service based on the Israeli model . Singapore still maintains strong security ties with Israel and is one of the biggest buyers of Israeli arms and weapons systems, with one recent example being

10296-471: The Temenggong's help, Raffles managed to smuggle Tengku Long back into Singapore. Raffles offered to recognise Tengku Long as the rightful Sultan of Johor, under the title of Sultan Hussein , as well as provide him with a yearly payment of $ 5000 and another $ 3000 to the Temenggong; in return, Sultan Hussein would grant the British the right to establish a trading post on Singapore. The Treaty of Singapore

10439-550: The US-led coalition to fight terrorism, with bilateral co-operation in counter-terrorism and counter-proliferation initiatives, and joint military exercises. As Singapore has diplomatic relations with both the United States and North Korea , and was one of the few countries that have relationships with both countries, in June 2018, it hosted a historic summit between US President Donald Trump and North Korean leader Kim Jong-un ,

10582-529: The United Kingdom) were cited as the world's leading tax havens. The longest list from Non-governmental, Quantitative research on tax havens is the University of Amsterdam CORPNET July 2017 Conduit and Sink OFCs study, at 29 (5 Conduit OFCs and 25 Sink OFCs). The following are the 20 largest (5 Conduit OFCs and 15 Sink OFCs), which reconcile with other main lists as follows: (*) Appears in as

10725-427: The United Kingdom, Taiwan, and Curaçao. The James Hines 2010 list contains 34 of the original 35 OECD tax havens; and compared with the § Top 10 tax havens and § Top 20 tax havens above, show OECD processes focus on the compliance of tiny havens. (†) Identified as one of the 5 Conduits by CORPNET in 2017; the above list has 5 of the 5. (‡) Identified as one of the largest 24 Sinks by CORPNET in 2017;

10868-568: The United Kingdom. According to the 2024 Global Peace Index , Singapore is the 5th most peaceful country in the world. Capital punishment is a legal and enforced penalty in Singapore. The country is one of four in the developed world to retain the death penalty, along with the United States , Japan and Taiwan . Particularly, its use against drug trafficking has been a source of contention with non-governmental organisations such as Amnesty International and Human Rights Watch . The government has responded that it has "no doubts" that it

11011-773: The United States are: Luke Air Force Base in Arizona , Marana in Arizona, Mountain Home Air Force Base in Idaho , and Andersen Air Force Base in Guam . The SAF has sent forces to assist in operations outside the country, in areas such as Iraq , and Afghanistan , in both military and civilian roles. In the region, they have helped to stabilise East Timor and have provided aid to Aceh in Indonesia following

11154-536: The above list has 23 of the 24 (Guyana missing). (↕) Identified on the European Union's first 2017 list of 17 tax havens; the above list contains 8 of the 17. (Δ) Identified on the first, and the largest, OECD 2000 list of 35 tax havens (the OECD list only contained Trinidad & Tobago by 2017); the above list contains 34 of the 35 (U.S. Virgin Islands missing). U.S. dedicated entities: Major sovereign States which feature on financial secrecy lists (e.g.

11297-489: The academic lexicon. Tax havens are typically small, well-governed states that impose low or zero tax rates on foreign investors. In April 1998, the OECD produced a definition of a tax haven, as meeting "three of four" criteria. It was produced as part of their "Harmful Tax Competition: An Emerging Global Issue" initiative. By 2000, when the OECD published their first list of tax havens, it included no OECD member countries as they were now all considered to have engaged in

11440-579: The accounting flows from BEPS tools are "out-of-proportion" and thus distort the economic statistics of the haven. The FSF–IMF list captured new corporate tax havens, such as the Netherlands, which Hines considered too small in 1994. In April 2007, the IMF used a more quantitative approach to generate a list of 22 major OFCs , and in 2018 listed the eight major OFCs who handle 85% of all flows. From about 2010, tax academics considered OFCs and tax havens to be synonymous terms . In October 2010, Hines published

11583-614: The artificial debt-to-GDP). This can lead to severe credit cycles and/or property/banking crises when international capital flows are repriced. Ireland's Celtic Tiger , and the subsequent financial crisis in 2009–13, is an example. Jersey is another. Research shows § U.S. as the largest beneficiary , and use of tax havens by U.S corporates maximised U.S. exchequer receipts. Historical focus on combating tax havens (e.g. OECD– IMF projects) had been on common standards, transparency and data sharing. The rise of OECD-compliant corporate tax havens, whose BEPS tools were responsible for most of

11726-454: The case of British Empire–related tax havens, do not have a senior OECD member at their core. Some have suffered setbacks during various OECD initiatives to curb tax havens (e.g. Vanuatu and Samoa). However, others such as Taiwan (for AsiaPAC), and Mauritius (for Africa), have grown materially in the past decades. Taiwan has been described as "Switzerland of Asia", with a focus on secrecy. Although no Emerging market-related tax haven ranks in

11869-563: The countries that received more than one US tax inversion since 1982 (see here ). In addition, six of these major tax havens are in the top 15 GDP-per-capita , and of the four others, three of them, the Caribbean locations, are not included in IMF-World Bank GDP-per-capita tables. In a June 2018 joint IMF report into the effect of BEPS flows on global economic data, eight of the above (excluding Switzerland and

12012-612: The country continuously since full internal self-government was achieved in 1959, and holds a supermajority in Parliament . One of the five founding members of ASEAN , Singapore is also the headquarters of the Asia-Pacific Economic Cooperation Secretariat, the Pacific Economic Cooperation Council Secretariat, and is the host city of many international conferences and events . Singapore

12155-615: The country's third prime minister. Lee Hsien Loong's tenure included the 2007–2008 financial crisis , the resolution of a dispute over land ownership at Tanjong Pagar railway station between Singapore and Malaysia, the introduction of the two integrated resorts (IRs), located at the Marina Bay Sands and Resorts World Sentosa , and the COVID-19 pandemic . The PAP suffered its worst ever electoral results in 2011, winning just 60% of votes, amidst debate over issues including

12298-750: The death penalty is by no means uncontested internationally" and that the report contains "grave errors of facts and misrepresentations". From 1938 to 2023, sexual relations between men were technically illegal under Section 377A of the Penal Code , first introduced during British colonial rule. During the last few decades, this law was mostly unenforced and pressure to repeal it increased as homosexuality became more accepted by Singaporean society. Meanwhile, sexual relations between women had always been legal. In 2022, Prime Minister Lee Hsien Loong announced that Singapore would repeal 377A, effectively decriminalising homosexual behaviour. Nevertheless, he added that

12441-604: The delivery of fresh water to Singapore, and access by the Singapore Armed Forces to Malaysian airspace. Border issues exist with Malaysia and Indonesia, and both have banned the sale of marine sand to Singapore over disputes about Singapore's land reclamation. Some previous disputes, such as the Pedra Branca dispute , have been resolved by the International Court of Justice . Piracy in

12584-594: The end of the 14th century, its ruler Parameswara was attacked by either the Majapahit or the Siamese, forcing him to move to Malacca where he founded the Sultanate of Malacca . Archaeological evidence suggests that the main settlement on Fort Canning Hill was abandoned around this time, although a small trading settlement continued in Singapore for some time afterwards. In 1613, Portuguese raiders burned down

12727-457: The fighting for Singapore were heavy, with a total of nearly 85,000 personnel captured. About 5,000 were killed or wounded, of which Australians made up the majority. Japanese casualties during the fighting in Singapore amounted to 1,714 killed and 3,378 wounded. The occupation was to become a major turning point in the histories of several nations, including those of Japan , Britain , and Singapore. Japanese newspapers triumphantly declared

12870-463: The financial media, particularly when it lists the US and Germany as major "secrecy jurisdictions". However, many types of tax havens also rank as secrecy jurisdictions. While tax havens are diverse and varied, tax academics sometimes recognise three major "groupings" of tax havens when discussing the history of their development: As discussed in § History , the first recognized tax haven hub

13013-800: The first-ever meeting between the sitting leaders of the two nations. It also hosted the Ma–Xi meeting in 2015, the first meeting between the political leaders of the two sides of the Taiwan Strait since the end of the Chinese Civil War in 1950. The Singaporean military, arguably the most technologically advanced in Southeast Asia, consists of the Army , the Navy , the Air Force and

13156-403: The five major global Conduit OFCs or any § Top 10 tax havens lists, both Taiwan and Mauritius rank in the top ten global Sink OFCs. Three main types of tax haven lists have been produced to date: Research also highlights proxy indicators , of which the two most prominent are: The post-2010 rise in quantitative techniques of identifying tax havens has resulted in a more stable list of

13299-555: The formal surrender of Japanese forces in the region from General Seishirō Itagaki on behalf of General Hisaichi Terauchi on 12 September 1945. Meanwhile, Tomoyuki Yamashita was tried by a US military commission for war crimes, but not for crimes committed by his troops in Malaya or Singapore. He was convicted and hanged in the Philippines on 23 February 1946. Much of the infrastructure in Singapore had been destroyed during

13442-476: The global flows to tax havens, with three of the five major global Conduit OFCs being European (i.e. the Netherlands, Switzerland, and Ireland). Four European-related tax havens appear in the various notable § Top 10 tax havens lists, namely: the Netherlands, Ireland, Switzerland, and Luxembourg. Many tax havens are former or current dependencies of the United Kingdom and still use the same core legal structures. Six British Empire–related tax havens appear in

13585-498: The haven has tax treaties; putting them on tax haven lists. According to modern studies, the § Top 10 tax havens include corporate-focused havens like the Netherlands, Singapore, Ireland, and the U.K., while Luxembourg, Hong Kong, the Cayman Islands, Bermuda, the British Virgin Islands, and Switzerland feature as both major traditional tax havens and major corporate tax havens. Corporate tax havens often serve as "conduits" to traditional tax havens. Use of tax havens results in

13728-594: The influx of foreign workers and the high cost of living. On 23 March 2015, Lee Kuan Yew died , and a one-week period of public mourning was observed nationwide. Subsequently, the PAP regained its dominance in Parliament through the September general election , receiving 69.9% of the popular vote, although this remained lower than the 2001 tally of 75.3% and the 1968 tally of 86.7%. The 2020 election held in July saw

13871-439: The introduction of the non-constituency members of parliament in 1984 to allow up to three losing candidates from opposition parties to be appointed as MPs. Group representation constituencies (GRCs) were introduced in 1988 to create multi-seat electoral divisions, intended to ensure minority representation in parliament. Nominated members of parliament were introduced in 1990 to allow non-elected non-partisan MPs. The constitution

14014-546: The island became a global centre for rubber sorting and export. Singapore was not greatly affected by the First World War (1914–18), as the conflict did not spread to Southeast Asia . The only significant event during the war was the 1915 Singapore Mutiny by Muslim sepoys from British India, who were garrisoned in Singapore. After hearing rumours that they were to be sent to fight the Ottoman Empire ,

14157-532: The largest tax havens. Dharmapala notes that as corporate BEPS flows dominate tax haven activity, these are mostly corporate tax havens. Nine of the top ten tax havens in Gabriel Zucman 's June 2018 study also appear in the top ten lists of the two other quantitative studies since 2010. Four of the top five Conduit OFCs are represented; however, the UK only transformed its tax code in 2009–2012. All five of

14300-498: The legal tradition established during British rule and with substantial local differences. Criminal law is based on the Indian Penal Code originally intended for British India , and was at the time as a crown colony also adopted by the British colonial authorities in Singapore and remains the basis of the criminal code in the country with a few exceptions, amendments and repeals since it came into force. Trial by jury

14443-499: The lost taxes, led to criticism of this approach, versus actual taxes paid. Higher-tax jurisdictions, such as the United States and many member states of the European Union, departed from the OECD BEPS Project in 2017–18 to introduce anti-BEPS tax regimes, targeted raising net taxes paid by corporations in corporate tax havens (e.g. the U.S. Tax Cuts and Jobs Act of 2017 ("TCJA") GILTI–BEAT–FDII tax regimes and move to

14586-477: The main island, training involving activities such as live firing and amphibious warfare are often carried out on smaller islands, typically barred to civilian access. However, large-scale drills, considered too dangerous to be performed in the country, have been performed in other countries such as Brunei, Indonesia, Thailand and the United States. In general, military exercises are held with foreign forces once or twice per week. Due to airspace and land constraints,

14729-469: The merger would prevent Singapore from becoming a haven for communism. To obtain a mandate for a merger, the PAP held a referendum on the merger . This referendum included a choice of different terms for a merger with Malaysia and had no option for avoiding merger altogether. On 16 September 1963, Singapore joined with Malaya, the North Borneo, and Sarawak to form the new Federation of Malaysia under

14872-672: The merger, the Singaporean government and the Malaysian central government disagreed on many political and economic issues. Despite an agreement to establish a common market, Singapore continued to face restrictions when trading with the rest of Malaysia. In retaliation, Singapore did not extend to Sabah and Sarawak the full extent of the loans agreed to for economic development of the two eastern states. Talks soon broke down, and abusive speeches and writing became rife on both sides. This led to communal strife in Singapore, culminating in

15015-527: The new country, the development of its military forces became a priority. In addition, in October 1971, Britain pulled its military out of Singapore, leaving behind only a small British, Australian and New Zealand force as a token military presence. A great deal of initial support came from Israel , a country unrecognised by Singapore's neighbouring Muslim-majority nations of Malaysia and Indonesia. The Israel Defense Forces (IDF) commanders were tasked by

15158-761: The new port. The island was then nominally ruled by Tengku Abdul Rahman , the Sultan of Johor , who was controlled by the Dutch and the Bugis . However, the Sultanate was weakened by factional division: Abdul Rahman , the Temenggong of Johor to Tengku Abdul Rahman, as well as his officials, were loyal to the Sultan's elder brother Tengku Long , who was living in exile in Penyengat Island , Riau Islands . With

15301-407: The next half-century. Economic growth continued throughout the 1980s, with the unemployment rate falling to 3% and real GDP growth averaging at about 8% up until 1999. During the 1980s, Singapore began to shift towards high-tech industries, such as the wafer fabrication sector, in order to remain competitive as neighbouring countries began manufacturing with cheaper labour. Singapore Changi Airport

15444-610: The past decade have substantially reduced the ability for individuals or corporations to use tax havens for tax evasion (illegal non-payment of taxes owed). These include the end of banking secrecy in many jurisdictions including Switzerland following the passing of the US Foreign Account Tax Compliance Act and the adoption of the CRS by most countries, including typical tax havens, a multilateral automatic taxpayer data exchange agreement, initiative of

15587-517: The population has also affected the way the SAF has been designed, with a small active force and a large number of reserves. Singapore has conscription for all able-bodied males at age 18, except those with a criminal record or who can prove that their loss would bring hardship to their families. Males who have yet to complete pre-university education, are awarded the Public Service Commission (PSC) scholarship, or are pursuing

15730-655: The press as well as some civil and political rights. In 2023, Singapore was ranked 129th out of 180 nations by Reporters Without Borders on the global Press Freedom Index . Freedom House ranks Singapore as "partly free" in its Freedom in the World report, and the Economist Intelligence Unit ranks Singapore as a "flawed democracy", the second freest rank of four, in its " Democracy Index ". All public gatherings of five or more people require police permits, and protests may legally be held only at

15873-442: The public nor elites had experience with democracy" helped create Singapore's political culture, as dominated by status-focused hierarchies committed to economic development. The legacy of Asian values and the limited political culture within Singapore has led to the country being described as "classic illustration of soft authoritarianism", and "profoundly illiberal". The judicial system is based on English common law , continuing

16016-420: The reform of its corporate tax code in 2009–2012, the UK has re-emerged as a major corporate-focused tax haven. Two of the five major global Conduit OFCs are from this grouping (i.e. the U.K. and Singapore). In November 2009, Michael Foot, a former Bank of England official and Bahamas bank inspector, delivered an integrated report on the three British Crown Dependencies (Guernsey, Isle of Man and Jersey), and

16159-453: The repeal will not affect the recognition of "traditional familial and societal norms," including how marriage is defined, leaving the legal status of same-sex marriage unchanged for the time, although the possibility of civil unions was not officially ruled out. Lee described this as a compromise between the conservative (and often religious) and progressive elements of Singaporean society to prevent further political fracturing. The law

16302-699: The same sex were not wrong at all or not wrong most of the time, up from 10% in 2013. The survey found that 27% felt the same way about same-sex marriage (an increase from 15% in 2013) and 30% did so about same-sex couples adopting a child (an increase from 24% in 2013). In 2021, six Singaporeans protested for improved trans protections in the educational system outside the Ministry of Education headquarters at Buona Vista . Pimps often traffic women from neighbouring countries such as China , Malaysia and Vietnam at their brothels as well as rented apartments and hostels for higher profit margins when they get

16445-481: The settlement, and the island faded into obscurity for the next two centuries. By then, Singapore was nominally part of the Johor Sultanate . The wider maritime region and much trade was under Dutch control for the following period after the 1641 Dutch conquest of Malacca . The British governor Stamford Raffles arrived in Singapore on 28 January 1819 and soon recognised the island as a natural choice for

16588-503: The six Overseas Territories (Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Turks and Caicos Islands), "to identify the opportunities and challenges as offshore financial centres", for the HM Treasury . As discussed in § History , most of these tax havens date from the late 1960s and effectively copied the structures and services of the above groups. Most of these tax havens are not OECD members, or in

16731-433: The structure and responsibility of governance. The President is the head of state . The governance of Singapore is separated into three branches: The president is directly elected by popular vote for a renewable six-year term. Requirements for this position, which were enacted by the PAP government, are extremely stringent, such that only a handful of people qualify for the candidacy. These qualifications include that

16874-627: The subject of academic debates, it is nevertheless known from various documents that Singapore in the 14th century, then known as Temasek , was a trading port under the influence of both the Majapahit Empire and the Siamese kingdoms, and was a part of the Indosphere . These Indianised kingdoms were characterised by surprising resilience, political integrity and administrative stability. Historical sources also indicate that around

17017-456: The tax revenues are needed to build infrastructure. Over 15% of countries are sometimes labelled tax havens. Tax havens are mostly successful and well-governed economies, and being a haven has brought prosperity. The top 10–15 GDP-per-capita countries, excluding oil and gas exporters, are tax havens. Because of § Inflated GDP-per-capita (due to accounting BEPS flows), havens are prone to over-leverage (international capital misprice

17160-529: The terms of the Malaysia Agreement . Under this Agreement, Singapore had a relatively high level of autonomy compared to the other states of Malaysia. Indonesia opposed the formation of Malaysia due to its own claims over Borneo and launched Konfrontasi ("Confrontation" in Indonesian) in response to the formation of Malaysia. On 10 March 1965, a bomb planted by Indonesian saboteurs on

17303-501: The top 5 Sink OFCs are represented, although Jersey only appears in the Hines 2010 list. The studies capture the rise of Ireland and Singapore, both major regional headquarters for some of the largest BEPS tool users, Apple , Google and Facebook . In Q1 2015, Apple completed the largest BEPS action in history, when it shifted US$ 300 billion of IP to Ireland, which Nobel-prize economist Paul Krugman called " leprechaun economics ". In September 2018, using TCJA repatriation tax data,

17446-606: The trade unions and Chinese schools, waged a guerrilla war against the government, leading to the Malayan Emergency . The 1954 National Service riots , Hock Lee bus riots , and Chinese middle schools riots in Singapore were all linked to these events. David Marshall , pro-independence leader of the Labour Front , won Singapore's first general election in 1955. He led a delegation to London , and Britain rejected his demand for complete self-rule. He resigned and

17589-491: The two. It was thought that reuniting with Malaya would benefit the economy by creating a common market, alleviating ongoing unemployment woes in Singapore. However, a sizeable left-wing faction of the PAP was strongly opposed to the merger, fearing a loss of influence, and hence formed the Barisan Sosialis , after being kicked out from the PAP. The ruling party of Malaya, United Malays National Organisation (UMNO),

17732-503: The understanding of a tax haven into two classifications: In June 2018, tax academic Gabriel Zucman ( et alia ) published research that also ignored any definition of a tax haven, but estimated the corporate "profit shifting" (i.e. BEPS ), and "enhanced corporate profitability" that Hines and Dharmapala had noted. Zucman pointed out that the CORPNET research under-represented havens associated with US technology firms, like Ireland and

17875-627: The victory as deciding the general situation of the war. Between 5,000 and 25,000 ethnic Chinese people were killed in the subsequent Sook Ching massacre . British forces had planned to liberate Singapore in 1945/1946; however, the war ended before these operations could be carried out. After the Japanese surrender to the Allies on 15 August 1945, Singapore fell into a brief state of violence and disorder; looting and revenge-killing were widespread. British, Australian, and Indian troops led by Lord Louis Mountbatten returned to Singapore to receive

18018-410: The war, including those needed to supply utilities. A shortage of food led to malnutrition, disease, and rampant crime and violence. A series of strikes in 1947 caused massive stoppages in public transport and other services. However, by late 1947 the economy began to recover, facilitated by a growing international demand for tin and rubber. The failure of Britain to successfully defend its colony against

18161-445: The world's largest tax havens is therefore: Ireland, Singapore, Switzerland and the Netherlands (the major Conduit OFCs), and the Cayman Islands, British Virgin Islands, Luxembourg, Hong Kong and Bermuda (the major Sink OFCs), with the United Kingdom (a major Conduit OFC) still in transformation. Of these ten major havens, all except the United Kingdom and the Netherlands featured on the original Hines–Rice 1994 list . The United Kingdom

18304-487: The world. It has the third highest population density of any country in the world , although there are numerous green and recreational spaces as a result of urban planning . With a multicultural population and in recognition of the cultural identities of the major ethnic groups within the nation, Singapore has four official languages : English , Malay , Mandarin , and Tamil . English is the common language , with exclusive use in numerous public services . Multi-racialism

18447-517: Was occupied by Japan in 1942 and returned to British control as a separate Crown colony following Japan's surrender in 1945. Singapore gained self-governance in 1959 and, in 1963, became part of the new federation of Malaysia , alongside Malaya , North Borneo , and Sarawak . Ideological differences led to Singapore's expulsion from the federation two years later; Singapore became an independent sovereign country in 1965. After early years of turbulence and despite lacking natural resources and

18590-494: Was abolished in 1970. Singapore is known for its strict laws and conservative stances on crime; both corporal punishment (by caning ) and capital punishment (by hanging ) are retained and commonly used as legal penalties. The right to freedom of speech and association is guaranteed by Article 14(1) of the Constitution of Singapore , although there are provisions in the subsequent subsection that regulate them. The government has restricted freedom of speech and freedom of

18733-420: Was amended in 1991 to provide for an elected president who has veto power in the use of past reserves and appointments to certain public offices. In 1990, Goh Chok Tong succeeded Lee and became Singapore's second prime minister. During Goh's tenure, the country went through the 1997 Asian financial crisis and the 2003 SARS outbreak. In 2004, Lee Hsien Loong , the eldest son of Lee Kuan Yew , became

18876-599: Was fully occupied with defending Britain, leaving Singapore vulnerable to Japanese invasion . During the Pacific War , the Japanese invasion of Malaya culminated in the Battle of Singapore . When the British force of 60,000 troops surrendered on 15 February 1942, British prime minister Winston Churchill called the defeat "the worst disaster and largest capitulation in British history". British and Empire losses during

19019-456: Was granted in 1959. The PAP, self-described as pragmatic, have a syncretic ideology combining free-market principles , civil nationalism , and welfarism . Despite promulgating restrictions on civil liberties, Singapore under the PAP has seen consistent economic growth and political stability. The most represented and popular opposition party is the centre-left Workers' Party , which holds 8 seats in Parliament. The long-standing hegemony of

19162-403: Was nonetheless the largest dry dock in the world, the third-largest floating dock , and had enough fuel tanks to support the entire British navy for six months. The base was defended by heavy 15-inch (380 mm) naval guns stationed at Fort Siloso , Fort Canning and Labrador, as well as a Royal Air Force airfield at Tengah Air Base . Winston Churchill touted it as the " Gibraltar of

19305-562: Was not a tax haven in 1994, and Hines estimated the Netherlands's effective tax rate in 1994 at over 20%. (Hines identified Ireland as having the lowest effective tax rate at 4%.) Four of these: Ireland, Singapore, Switzerland (3 of the 5 top Conduit OFCs), and Hong Kong (a top 5 Sink OFC), featured in the Hines–Rice 1994 list's 7 major tax havens subcategory; highlighting a lack of progress in curtailing tax havens. In terms of proxy indicators , this list, excluding Canada, contains all seven of

19448-519: Was officially repealed on 3 January 2023. Pink Dot SG , an event held in support of the LGBT community, has drawn thousands of people annually since 2009 with increasing attendance. According to a survey conducted by the Institute of Policy Studies in 2019, Singaporean society has become more liberal on LGBT rights. In the survey, more than 20% of people said that sexual relations between adults of

19591-463: Was one of the earliest references to Singapore Island, which corresponds to a Chinese account from the third century referred to a place as Pú Luó Zhōng ( Chinese : 蒲 羅 中 ), a transcription of the Malay name for 'island at the end of a peninsula '. Early references to the name Temasek (or Tumasik) are found in the Nagarakretagama , a Javanese eulogy written in 1365, and

19734-488: Was opened in 1981 and Singapore Airlines was formed. The Port of Singapore became one of the world's busiest ports and the service and tourism industries also grew immensely during this period. The PAP has remained in power since independence. Some activists and opposition politicians see the government's strict regulation of political and media activities as an infringement on political rights. In response, Singapore has seen several significant political changes, such as

19877-512: Was replaced by Lim Yew Hock in 1956, and after further negotiations Britain agreed to grant Singapore full internal self-government for all matters except defence and foreign affairs on 3 June 1959. Days before, in the 30 May 1959 election , the People's Action Party (PAP) won a landslide victory. Governor Sir William Allmond Codrington Goode served as the first Yang di-Pertuan Negara (Head of State). PAP leaders believed that Singapore's future lay with Malaya, due to strong ties between

20020-427: Was signed on 6 February 1819. In 1824, a further treaty with the Sultan led to the entire island becoming a part of the British Empire . In 1826, Singapore became part of the Straits Settlements , then under the jurisdiction of British India . Singapore became the regional capital in 1836. Prior to Raffles' arrival, there were only about a thousand people living on the island, mostly indigenous Malays along with

20163-410: Was staunchly anti-communist, and it was suspected UMNO would support the non-communist factions of PAP. UMNO, initially sceptical of the idea of a merger due to distrust of the PAP government and concern that the large ethnic Chinese population in Singapore would alter the racial balance in Malaya on which their political power base depended, became supportive of the idea of the merger due to joint fear of

20306-484: Was the Zurich-Zug-Liechtenstein triangle created in the mid-1920s, later joined by Luxembourg in 1929. Privacy and secrecy were established as an important aspect of European tax havens. However, modern European tax havens also include corporate-focussed tax havens, which maintain higher levels of OECD transparency, such as the Netherlands and Ireland. European tax havens act as an important part of

20449-460: Was withdrawn after objections from the new U.S. Bush Administration in 2001, and in the OECD's 2002 report the definition became "two of three criteria". The 1998 OECD definition is most frequently invoked by the "OECD tax havens". However, that definition (as noted above) lost credibility when, in 2017, under its parameters, only Trinidad & Tobago qualified as a tax haven and has since been largely discounted by tax haven academics, including

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