Singapore Plans Safe Harbor for Its Global Minimum Tax Legislation

Singapore aims to roll out a safe harbor as part of its adoption of the global minimum tax rules, according to a top government official.

Singapore authorities “will take close reference to the GloBE model rules and administrative guidance so that our domestic top-up tax can qualify for the qualified domestic minimum top-up tax safe harbour,” Singapore’s second minister for finance, Indranee Rajah said in a speech Sep. 29.

The 15% minimum tax is one part of a two-pillar OECD-led global tax deal reached by more than 140 countries in 2021. The deal seeks to reallocate large multinational companies’ ...