G-7 corporate tax plan could net Singapore more revenue in short run

Singapore

SINGAPORE could potentially collect more corporate tax revenues in the short term if a global minimum corporate tax rate of 15 per cent proposed by the Group of Seven (G-7) is implemented, but in the longer run, the city-state needs to find new ways to attract foreign investors.

Tax experts tell The Business Times that a global floor on corporate tax should not lead to a loss of corporate tax revenue for Singapore as businesses will still be subject to taxes in Singapore.