GloBE Country Guide: Singapore

Summary

Status	Enacted Law
Law	On November 27, 2024, the Multinational Enterprise (Minimum Tax) Act 2024 was published in Singapore’s Official Gazette. On October 15, 2024, Singapore’s Parliament passed the Multinational Enterprise (Minimum Tax) Bill which includes a multinational top-up tax (MTT) and a domestic top-up tax (DTT). This now needs to be assented to by the President. Multinational Enterprise (Minimum Tax) Bill, 2024 of September 9, 2024 Draft Multinational Enterprise (Minimum Tax) Regulations 2025 of June 10, 2024 On October 4, 2024, Singapore issued a Consultation document on the GloBE Safe Harbours and Transition rules
Effective Date	Financial years beginning on or after January 1, 2025
IIR	Yes (2025)
UTPR	No
QDMTT	Yes (2025)
Filing Deadlines	Standard
Safe Harbours	Proposed (Transitional CbCR Safe Harbour, QDMTT Safe Harbour and the Simplified Calculations for NMCEs Safe Harbour).

Legislation
General
Differences to Model Rules
Qualifying Domestic Minimum Top-Up Tax
Administration and Filing
Penalties

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Lee Hadnum

Lee is a qualified Chartered Accountant and Chartered Tax Adviser. A former Senior Tax Analyst at Bloomberg Tax, Lee began his career in Ernst & Young's Entrepreneurial Services department and has 20 years of international tax planning experience. Lee's books have been recommended by The Times, The Guardian and The Telegraph.

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