Why do some countries have such low taxation rates?

Why do some countries have such low taxation rates?
As in doesn't it hurt the finances of such countries?  For example india has a corporate tax rate of 34% while it is just 17% in Singapore.  How do they manage?

Answer by Jai Parimi:

Tax rates like inflation are a balancing act.

Strongly recommend you to read Extreme Cases of Income Taxes' Effect on Economic Growth

Why do some countries have such low taxation rates?

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