ACCA released a report in BT today after conducting a survey among ACCA members in Singapore, HK, UK, US, Canada and Australia to rank their respective tax system in terms of fairness, simplicity and transparent.
The good news is that Singapore and Hong Kong have the fairest, simplest and most transparent tax systems, out of six major developed countries.
The bad news is that Hong Kong ranked better than Singapore in all 3 areas.
The question that matters is whether having a tax system that is fair, simple and transparent translates to real comparative advantage against these big economies.
Or is it a hollow victory for Singapore and HK as it basically reflects the smallness of its geographic size and economic complexities?