Singapore is a hub of international business, attracting companies from around the world. With its business-friendly policies and low tax rates, Singapore has become a popular location for businesses looking to expand into Asia. However, even with low tax rates, there are some companies that still end up paying a significant amount of taxes. In this article, we will take a look at the top five taxpaying companies in Singapore.
1. ExxonMobil Asia Pacific Pte Ltd
ExxonMobil Asia Pacific Pte Ltd is the largest oil and gas company in Singapore, and it tops the list of the highest taxpaying companies in the country. The company paid a total of S$2.8 billion in taxes in 2020. It is involved in the refining, petrochemicals, and marketing of petroleum products in the Asia-Pacific region. The company has been operating in Singapore for over 120 years and is one of the country’s largest foreign investors.
2. DBS Bank Ltd
DBS Bank Ltd is the largest bank in Southeast Asia and one of the top five banks in Singapore. The bank paid a total of S$1.9 billion in taxes in 2020. It has a strong presence in Singapore, Hong Kong, and China, and is involved in various businesses, including consumer banking, institutional banking, wealth management, and treasury operations.
3. United Overseas Bank Ltd (UOB)
United Overseas Bank Ltd is the third-largest bank in Singapore, and it paid a total of S$1.5 billion in taxes in 2020. UOB is involved in various businesses, including personal banking, corporate banking, and wealth management. The bank has a strong presence in Singapore and other Southeast Asian countries.
4. Oversea-Chinese Banking Corporation Ltd (OCBC)
Oversea-Chinese Banking Corporation Ltd is the second-largest bank in Singapore, and it paid a total of S$1.3 billion in taxes in 2020. OCBC is involved in various businesses, including banking, wealth management, and insurance. The bank has a strong presence in Singapore and other Southeast Asian countries.
5. Singapore Telecommunications Limited (Singtel)
Singapore Telecommunications Limited is the largest telecommunications company in Singapore, and it paid a total of S$1.2 billion in taxes in 2020. The company is involved in various businesses, including mobile telecommunications, data services, and internet services. Singtel is also one of the largest companies listed on the Singapore Stock Exchange.
In conclusion, these top five companies have contributed significantly to the Singaporean economy through their tax payments. Their presence in the country has not only created job opportunities for locals but has also helped Singapore maintain its position as a hub for international business.
