October 17 2024
Singapore Parliament Passes Bills to Implement Global Minimum Tax
The Parliament passed the Multinational Enterprise (Minimum Tax) Bill and the Income Tax (Amendment) Bill on 15 October 2024 to implement the Multinational Enterprise Top-Up Tax (MTT) and the Domestic Top-Up Tax (DTT) to ensure that the minimum effective tax rate is 15%. The amendments are set to apply to multinational enterprise (MNE) groups in Singapore from 1 January 2025.
This development is in line with the Global Anti-Base Erosion Model Rules (Pillar Two) (the GloBE Rules) of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), which require MNE groups be subject to a minimum effective tax rate of 15%.
Source: IBFD Tax Research Platform News