Hence we undertook a major restructuring of our tax system, reducing corporate and personal tax rates from around 25% to 20% over three years. We will tax individuals who are not ordinarily resident in Singapore, based on the number of days they actually spend working in Singapore.
As well as the four policy instruments that are available for limiting these risks, two critical features that could enhance these risks are now absent from the Irish case. Firstly, Ireland has quite limited exposure by way of short-term external liabilities - much of the inflows in recent years have taken the form of long-term direct investment.