Today I roughly compared the income and company tax in Singapore and in France.
France : Company Tax = 36% / Income Tax = 40% if you earn over 65K Euros / year.
Singapore : Company tax = 22% / Income Tax = 15% up to 60K Euros / year and the max is 20% if you earn more.
Consequence, as an individual entrepreuneur, you keep for yourself:
In France: (1-0.36)*(1-0.4) = 38.4% ONLY OF THE PROFIT YOU CREATE.
In Singapore: (1-0.22)*(1-0.2) = 62.4% !!!
It’s insane !
There is of course other criteria that I didn’t take into account, such as car tax, tax on added value (called GST in Singapore and TVA in France), property tax, etc…
I’ll update this article very soon with a deeper comparison financial-wise. But very roughly, it is quite obvious to realize how much of a rip-off France is if you intend to create a lot of value…I can already hear hardcore left-wingers supporting the French high taxes saying that it is not a rip-off, it is a way to make poorer people live. Of course, people support whatever point of view benefits them, so why fight over this? You’re happy with French social healtcare insurance, live in France. You’re unhappy about the high level of taxes, just base your income and businesses abroad, and remain friends with the poorer people instead of thinking they steal your money and stamina…