Delay in global minimum corporate tax will give policymakers time for more orderly execution

A 1-YEAR delay in the implementation of the global minimum corporate tax of 15 per cent, to 2024, will be welcomed by industry players as it allows for a more orderly execution of very complex rules and gives policymakers time to assess how different countries plan to fulfil the requirements.   

Chris Woo, PWC Singapore’s tax and people and organisation – rewards leader, told The Business Times that the original 2023 timeline is challenging.

“In addition to the political challenges of securing international consensus, countries will need time to incorporate the global minimum tax into their domestic laws,” he said.