On December 30, 2024, Singapore published the Multinational Enterprise (Minimum Tax) Regulations 2024 which provide for the detailed rules for the application of the multinational top-up tax and domestic top-up tax.
On November 27, 2024, the Multinational Enterprise (Minimum Tax) Act 2024 was published in the Singapore Official Gazette. This implements the Pillar 2 GloBE rules in Singapore for fiscal years beginning on or after January 1, 2025.
On October 4, 2024, Singapore issued a Consultation document on the GloBE Safe Harbours (Transitional Country-by-Country Reporting (“CbCR”) Safe Harbour, QDMTT Safe Harbour and the Simplified Calculations Safe Harbour), as well as other aspects of the OECD Administrative Guidance.
On September 9, 2024, Singapore introduced its Multinational Enterprise (Minimum Tax) Bill, 2024 into Parliament. Read our updated analysis.
Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules in Singapore for accounting periods beginning on or after January 1, 2025.
In the 2023 Budget Speech, the Singapore government announced it is to implement Pillar Two from 2025.
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