Global minimum tax

TAX TALK

Tax transparency and trust in the business ecosystem

Transparency has evolved into a defining pillar of good governance and public accountability

From left: Quek Su Lynn, deputy commissioner, compliance and service experience group, Iras; Allen Tan, chair, Asia-Pacific tax practice, Baker McKenzie; Amy Ang, Singapore head of tax, EY.
TAX TALK

Reshaping tax management in the AI age

The reporting landscape is being reshaped by seamless digital integration and sophisticated regulatory analytics

From left: Koh Puay Hoon, partner and head of tax, RSM Singapore; Tay Hong Beng, chairman, Singapore Chartered Tax Professionals; Edwin Leow, co-advisory leader at CLA Global TS Tax Services.
TAX TALK

Proactive tax strategy in a shifting global landscape

As OECD rules redefine the game, Singapore’s tax and business leaders are pivoting from compliance to strategic foresight

Nearly 140 countries struck a deal in 2021 to tax multinational companies, an agreement negotiated under the auspices of the OECD.

G7 agrees to exempt US multinationals from global minimum tax

The agreement is in part due to ‘recently proposed changes to the US international tax system’ included in Trump’s signature domestic policy bill

Minister of State for Trade and Industry Alvin Tan notes that a company affected by the global minimum effective tax rate may find the new 15 per cent tax rate tier under the DEI “sufficient for its needs”.

Singapore expands eligibility, adds higher BEPS 2.0-compliant tax rate for corporate incentive scheme

The updates to the Development and Expansion Incentive scheme come amid global corporate tax changes

The  Inland Revenue Authority of Singapore notes that the number of tax residents with chargeable incomes of more than S$1 million continues to rise.

After 17% surge in last fiscal year, Singapore’s tax revenue expected to rise at slower pace in FY24/25

New top-up corporate taxes will not affect revenue just yet; higher personal income taxes from top earners may also not be significant

A good tax governance structure signifies lower tax risks and, consequently, reduced tax audits and controversies
THE BROAD VIEW

Tax governance – a blueprint for tax health

“AN OUNCE of prevention is worth a pound of cure,” said Benjamin Franklin.

Amid increased spending and taxation, how can Singapore strike the right balance while retaining its position as a preferred location for business and talent?

A balancing act – Singapore’s tax policy in a brave new world 

BUDGET 2024 demonstrated the government’s firm focus on providing opportunities and assurance to all of Singapore, and sends a strong message of its commitment to pursuing sustainable growth, maintain...

What Budget 2024 has for you

What Budget 2024 has for you

AGAINST the stark realities of a less stable operating environment, Budget 2024 is about taking concrete steps to build a shared future together, Finance Minister Lawrence Wong said in this year’s Bud...