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Encouraging Economic Growth In Hong Kong And Singapore

1423 words - 6 pages

Encouraging Economic Growth in Hong Kong and Singapore

American InterContinental University
Abstract
Variables that have motivated economic growth have been land, low personal and corporate taxes, and investments in infrastructure. The government owning all the land or even the majority of it is inefficient and can lead to economic problems. The ability to go into a large conglomeration, for example, the ASAN would be an enormous bonus whether that nation is trying to move forward or not. Presently, with lower taxes there will be lower cost, which would imply that there is a higher interest to employ in the country. Individuals and organizations need to recognize that they have ...view middle of the document...

With the goal to help and encourage growth within the Hong Kong and Singapore regions, the support of the World Bank has been requested. The World Bank is a valuable commodity that provides financial and technical aid to developing nations all around the world. Our main goal is to battle poverty using passion and professionalism for enduring results and to help people to help themselves and the world around them by providing them with the needed resources, sharing with them our knowledge and making a partnership in both the public and private sectors (WorldBank.org, 2011). Issues that are even at the present moment a concern to improving the stabilization and growth of Hong Kong and Singapore include their trade alliances, taxation, and property rights.
Trade Associations
By making the decision to join with an organization such as the Association of Southeast Asian Nations (Investors Offshore, 2011), Singapore would be allowed to benefit from being a part of one of the world's largest free trading groups. This group would also be a benefit to Hong Kong if they were able to gain access. The capacity to enter into a large conglomeration such as the ASAN would be huge gain whether that country is developing or otherwise. One of the biggest benefits that it can offer is that the member countries have lowered and even completely abolished tariffs on trade for certain products between other members. As is well known tariffs are a government tax on imports and exports, since they can hinder or hamper on a countries capacity and willingness to trade, by lowering these, it is motivation for member nations to trade between one another, which allows a much larger market than what would usually be available.
Taxation Laws
The laws for taxation are yet one more item to add to the list of things that Hong Kong and Singapore need to keep updated on. It would be best if they tax enough, then they will be able to supply both the infrastructure and services that are needed (Corniuk, 2011), the taxation laws in Singapore are light in comparison to most countries:
The tax regime of Singapore's resident individuals is fairly benign. The Capital gains taxes usually are only put into gear on rare occasions, estate duty was abolished in 2008 and there are no gift taxes. Individual Income tax rates aren't heavy either: Singapore's residents are progressively taxed at rates that are up to 20%; which is a reduction from 2006 when they were at 22%, on income accruing in or derived from Singapore.
Hong Kong also has very low tax rates. This is a plus in regard to both of the thriving economies. Since the taxes are not high, it is more than a little likely that organizations will move into the area so that that they may be able to lower their overall costs. That in turn will lead to more people in the communities being hired, and therefore the lower taxes aren't an issue for the government because there would now be more individuals that are paying taxes. Just like...

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