On 9 March 2015, Singapore's Senior Minister of State for Finance and Transport Josephine Teo announced that the Inland Revenue Authority of Singapore (IRAS) will closely monitor company formation for signs of tax evasion by high income individuals. Singapore's Budget for 2015 includes an increase in the top rate of personal income tax from 20% to 22%, and there is a concern that high income earners may increasingly establish companies in order to take advantage of the lower 17% corporate income tax rate. If it is found that the main purpose of establishing a company is to avoid higher personal...