Singapore beating Switzerland at its own game - taxes.

Switzerland's low corporate taxes, business-friendly regulations and reputation for discretion have attracted multinational commodities trading firms "as a dunghill attracts flies".

This is how The Berne Declaration - a Swiss NGO which campaigns to ensure local companies act responsibly - describes Switzerland's appeal in a new book that aims to shed light on the methods of an industry that traditionally prefers to conduct its business away from the gaze of regulators and journalists.

But that may be changing. The country's pre-eminent position in commodities is under threat from Singapore just when it most needs the business after a series of blows to its banking industry.

In one of the highest-profile moves, the world's no. 3 commodities trader Trafigura said in May it is shifting its trading centre and a key executive to the city state. Full story...

Related posts:

1. Singapore's low taxes attracting top Geneva traders...
2. Singapore replacing Switzerland as global financial haven?
3. Facebook co-founder becomes Singapore citizen to save millions on taxes...
4. Backlash in US over Facebook co-founder's  PR status in Singapore...
5. Why I love living in Singapore...
6. Singapore has the highest proportion of millionaires in the world...
7. Shareholders vent anger at UBS annual meeting against executive pay and bonuses...