The Director of International Taxation of the Directorate General of Taxes has confirmed Indonesia is planning to implement the Pillar Two GloBE Rules from 2024. This is unlike Singapore which has delayed the implementation until 2025.
It is expected that the Pillar Two global minimum tax may be among the measures implemented in Budget 2023 on February 24, 2023.
In the 2023 Budget Speech, the Singapore government announced it is to implement Pillar Two from 2025.
One of the tools to attract FDI to Vietnam is tax incentives. However, from the beginning of 2024, applying the Global Minimum Tax Rule at 15% will reduce Vietnam’s competitiveness. Although corporate income tax is currently at 20%, Vietnam applies a number of tax incentives.
German Finance Minister Christian Lindner (FDP) has announced the presentation of a “tax fairness law” and a tax “growth package” for 2023. It was also confirmed the Law to implement the Pillar Two GloBE Rules will be gazetted in 2023.
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