The Republic of Singapore is a city-state located on the islands in Southeast Asia. The name Singapore came from the Malay Singa (lion), which was borrowed from the Sanskrit sinha (lion), and the Sanskrit pura (city).
The area of Singapore is 719.9 km², and it is gradually increasing because of the program of land reclamation, which started in the 1960s and has been in effect since then. Currently, the state of Singapore has 63 islands. Singapore is a highly developed country with a market economy and low taxes as transnational corporations play an important role in taxes formation. Gross national product per capita is one of the highest in the world. Singapore is attractive for investors because of low tax rates. In total, Singapore has 5 taxes, of which one is income tax, and another is a wage tax. The total tax rate is 27.1% and only 4 types of imported goods are subject to taxation when imported: alcoholic beverages, tobacco products, oil products and automobiles.
