Singapore Gazettes Multinational Enterprise (Minimum Tax) Act 2024 Implementing GloBE Rules Under Pillar 2

The Singaporean Official Gazette Nov. 27 published Law No. 36, the Multinational Enterprise (Minimum Tax) Act 2024, implementing the Global Anti-Base Erosion (GloBE) rules under the OECD’s Pillar Two initiative. The bill includes measures: 1) ensuring a 15 percent global minimum tax rate for multinational enterprise (MNE) groups with annual consolidated revenue of 750 million euros (US$791.3 million) or more in at least two of the last four financial years, for financial years starting on or after Jan. 1, 2025; 2) implementing the income inclusion rule (IIR) by imposing a domestic top-up tax (DTT) and multinational enterprise top-up tax (MTT) ...