Singapore’s economy is based on free enterprise, with no restrictions on foreign ownership of a business. The repatriation of profits and the import of capital are freely allowed. Singapore has a low corporate tax rate of 17% with effect from the year 2009 (or YA2010) onwards compared to other leading economies in the world. A company is taxed at a flat rate on its chargeable income and capital gains are not taxable. It includes 3 main types of tax, namely, Corporate Income Tax, Personal Income Tax and Goods and Services Tax.