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The Pacific Account

The Pacific Account

Paperback

Series: Taxation

Business GeneralGeneral World History

ISBN10: 1919165770
ISBN13: 9781919165776
Publisher: Bashir Publishing
Published: Apr 29 2026
Pages: 108
Weight: 0.34
Height: 0.22 Width: 6.00 Depth: 9.00
Language: English

THE PACIFIC ACCOUNT How Asia Built Its Tax States and What It Cost

Asia did not copy the Western fiscal model. It built its own. Seven countries, seven different answers to the question of how a state funds itself - and what the bill looks like when it arrives.

Singapore chose a flat tax and compulsory savings and produced one of the world's highest living standards at one of the world's lowest tax rates. Japan chose to defer the fiscal question for thirty years and accumulated the largest public debt in the developed world - a quadrillion yen, a number with eighteen digits. South Korea built the Western progressive tax system from scratch in fifty years, starting from a per capita income comparable with Ghana in 1953. China built a state that extracts resources through ownership rather than taxation - and is now confronting the specific vulnerabilities that model creates. India introduced the largest tax reform in the history of any democracy at the stroke of midnight on July 1, 2017, in a country where twenty-two million people out of 1.4 billion pay income tax. Hong Kong maintained the leanest fiscal state in the developed world for seventy years and is now watching the political conditions that made it possible change overnight. Taiwan used targeted tax incentives to build TSMC and the world's most strategically important industrial cluster.

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Business General