Singapore has never relied solely on lower taxes to compete for investments: Finance minister

Finance Minister Lawrence Wong (left) speaks to CNBC presenter Martin Soong during an interview with CNBC's Squawk Box Asia on Feb 21, 2022. - LAWRENCE WONG/FACEBOOK

SINGAPORE (The Straits Times/Asia News Network) Although Singapore has never relied solely on lower taxes to compete for international investment, a global minimum corporate tax rate will have an impact, and it means that the Republic has to redouble its efforts to strengthen other competitive factors such as infrastructure and the capabilities of its workforce.

Finance Minister Lawrence Wong said this in an interview with CNBC's Squawk Box Asia on Monday (Feb 21) when quizzed about the slew of tax hikes announced in his Budget speech last Friday.