Singapore Bill Would Implement Global Minimum Tax Safe Harbors

Singapore is seeking to implement simplified methods companies can use to calculate their top-up taxes under its proposed global minimum tax.

The legislation would put in place three safe harbors—the transitional country-by-country-reporting safe harbor, the qualified domestic minimum top-up tax safe harbor, and the simplified calculations safe harbor—to bring its minimum tax regime in line with OECD rules, according to a public consultation issued Oct. 4.

The minimum tax, known as Pillar Two, would implement a 15% effective tax rate for multinational companies. The tax is part of a global deal brokered at the Organization for Economic Cooperation and Development. ...