Singapore corporate tax regime: What's ahead?

GEOPOLITICAL uncertainties and protracted trade tensions over the past year, coupled with the devastating impact the Covid-19 situation has had on the global economy, have no doubt challenged businesses in Singapore. The Singapore economy is now projected to contract by between one and 4 per cent this year.

The three Singapore Budgets in 2020 (that is, the Unity, Resilience and Solidarity Budgets) offer support for companies to tide over the short-term pressures while keeping in focus the bigger picture of unifying the people and pressing on with the country's transformation journey. As companies try to find new ways to tackle the pandemic and limit disruptions to businesses and supply chains, they must not lose sight of the looming international tax changes that could majorly affect multinational enterprises.

Going forward, what are the upcoming developments that may impact Singapore's corporate tax regime?