![](https://i.imgur.com/CLvY2jA.png")
20-02-2022, 11:40 AM
Tang See Kit
18 Feb 2022 05:09PM
(Updated: 19 Feb 2022 05:18AM)
SINGAPORE: Singapore will explore a “top-up” tax as it adjusts its corporate tax system in response to a global deal that will ensure big companies pay a minimum effective tax rate of 15 per cent.
Called the Minimum Effective Tax Rate (METR), the new tax being studied will “top up” a multinational enterprise (MNE) group's effective tax rate in Singapore to 15 per cent
......
more than 130 countries and jurisdictions, including Singapore, have endorsed an agreement brokered by the Organisation for Economic Co-operation and Development to overhaul global corporate tax rules and fight what is known as base erosion and profit shifting (BEPS) issues.
The new tax deal comprises two main pillars.
The first pillar looks to reallocate profit of the largest and most profitable MNEs from where activities are conducted to where their consumers are located.
......
“Given our small domestic market and the extent of activities conducted here by MNEs, Singapore will lose tax revenue under Pillar 1,”
......
The second pillar aims, among others, to set a minimum effective corporate tax rate of 15 per cent for MNE groups with annual global revenues of 750 million euros or more, so as to curtail profit shifting to lower-tax jurisdictions.
https://www.channelnewsasia.com/singapor...22-2506561
18 Feb 2022 05:09PM
(Updated: 19 Feb 2022 05:18AM)
SINGAPORE: Singapore will explore a “top-up” tax as it adjusts its corporate tax system in response to a global deal that will ensure big companies pay a minimum effective tax rate of 15 per cent.
Called the Minimum Effective Tax Rate (METR), the new tax being studied will “top up” a multinational enterprise (MNE) group's effective tax rate in Singapore to 15 per cent
......
more than 130 countries and jurisdictions, including Singapore, have endorsed an agreement brokered by the Organisation for Economic Co-operation and Development to overhaul global corporate tax rules and fight what is known as base erosion and profit shifting (BEPS) issues.
The new tax deal comprises two main pillars.
The first pillar looks to reallocate profit of the largest and most profitable MNEs from where activities are conducted to where their consumers are located.
......
“Given our small domestic market and the extent of activities conducted here by MNEs, Singapore will lose tax revenue under Pillar 1,”
......
The second pillar aims, among others, to set a minimum effective corporate tax rate of 15 per cent for MNE groups with annual global revenues of 750 million euros or more, so as to curtail profit shifting to lower-tax jurisdictions.
https://www.channelnewsasia.com/singapor...22-2506561
at the end its the poor that will get squeezed!
