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SINGAPORE BUDGET 2024

Budget 2024: Refundable Investment Credit scheme could boost Singapore’s competitiveness

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Genevieve Cua

Genevieve Cua

Published Fri, Feb 16, 2024 · 08:40 PM
    • The global minimum tax rate of 15 per cent under the Base Erosion and Profit Shifting (BEPS) 2.0 is set to take effect.
    • The global minimum tax rate of 15 per cent under the Base Erosion and Profit Shifting (BEPS) 2.0 is set to take effect. PHOTO: BT FILE
    • RIC scheme reflects Republic’s seriousness in reviewing incentive, tax policies
    • Move could help alleviate costs, incentivise corporates to make substantial investments in high-value activities

    TAX consultants praised the Refundable Investment Credit (RIC) scheme for its potential to enhance Singapore as an attractive base of operations for multinational enterprises (MNEs).

    This comes as a new regime of a global minimum tax rate of 15 per cent is set to kick in.

    The scheme, a tax credit with a refundable cash feature, was announced by Finance Minister Lawrence Wong in his Budget speech. It is consistent with the Global Anti-Base Erosion Rules for Qualified Refundable Tax Credits.

    Singapore Budget 2024Base Erosion and Profit Shifting (BEPS)

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