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The Singapore Ministry of Finance has finalized its legal and regulatory framework for implementing the OECD Global Minimum Tax, effective for fiscal years beginning on or after January 1, 2025.
The framework includes:
- A Multinational Top-up Tax (MTT) based on the Income Inclusion Rule (IIR)
- A Domestic Top-up Tax (DTT) designed to qualify as a Qualified Domestic Minimum Top-Up Tax (QDMTT)
- Safe Harbour provisions and penalty relief measures
- Alignment with OECD GloBE rules and administrative guidance
Singapore’s adoption of these rules underscores its commitment to international tax cooperation under the OECD/G20 BEPS Pillar Two framework, while providing legal certainty and administrative clarity for multinational enterprises operating within its jurisdiction.
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