Budget 2024 – Corporate Income Rate
25/02/2024
* Moving forward, pillar 2 of BEPS 2.0 – an OECD project where more than 140 countries agree to bring the minimum effective tax rate of large corporates to 15% – will be implemented.
* Currently, the headline corporate income rate is 17% in Singapore, but some investors pay an effective rate that is as low as 4%. The pillar 2 is aimed to provide additional revenues and may even lead to a “reduction in our tax base” if MNEs “shift some activities to other jurisdictions in response to new business environment”.
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