Check out KPMG's 4 tax-tweaking proposals for Budget 2013

Survey showed global corporate tax dipped to 24.43%.

According to KPMG, corporate tax rates continued their decline in 2012, and indirect tax rates continued their ascent. Their recent survey reveals that the average global corporate tax slipped from 24.52 percent in 2011 to 24.43 percent in 2012. 

At the same time, the average global indirect tax rate increased by 0.17 percent to 15.50 percent.

With a corporate tax rate of 17 percent and an indirect tax rate of 7 percent, Singapore’s headline rates are below the global average.

Other tax-related measures also play a role in making the republic an attractive investment destination.

“Tax measures play an important role in enhancing Singapore’s competitiveness as a premier Asian business hub,” said Mr Tay Hong Beng, Head of Tax at KPMG in Singapore, “This year, while we are not expecting to see corporate or indirect tax rates lowered at Singapore Budget 2013, we hope to see existing tax measures tweaked.”

Some tax-related measures proposed by KPMG this year for Budget 2013 include:

• Enhance Singapore's tax treaty network by updating older tax treaties with countries such as Thailand, Indonesia and Australia and expanding the network to new countries.
• Establish a tax-free zone in the ASEAN Economic Community by exempting all withholding taxes within ASEAN to encourage a freer flow of capital and technology.
• Strengthen Singapore’s strategically important industry sectors such as the financial and marine industry by reviewing and enhancing existing tax measures.
• Provide more tax concessions to encourage greater private sector R&D to encourage more local companies to pursue value creation and the development of Singapore brands.