Budget 2022: Singapore studying ‘top-up’ corporate tax in response to new global minimum tax rate

SINGAPORE: Singapore will explore a “top-up” tax as it adjusts its corporate tax system in response to a global deal that will ensure big companies pay a minimum tax rate of 15 per cent.

“There are ongoing international discussions on how to determine the jurisdictions which will surrender profits for re-allocation to the markets under Pillar 1 and how much each will surrender,” said Mr Wong. “What this means is that if such an MNE were to have an effective tax rate of less than 15 per cent in Singapore at the group level, other jurisdictions such as its home jurisdiction can collect the difference up to 15 per cent,” Mr Wong explained.

Singapore will also continue to closely monitor international developments before making any decisions on the METR, he said.Mr Wong said it is “premature and difficult” to determine the eventual fiscal impact of both pillars at this stage.

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