Singapore Proposes Global Minimum Tax Bill, Company Credits

Singapore’s Ministry of Finance has proposed a bill to implement two key rules for its global minimum tax, along with multiple credits to help maintain attractiveness for investment.

The ministry proposed a bill Monday that would apply a domestic top-up tax and the income inclusion rule under Pillar Two, a part of the Organization for Economic Cooperation and Development’s global tax deal aiming to effectively tax the world’s largest multinationals at a 15% rate.

The top-up tax, or QDMTT, is a 15% minimum rate that’s applied locally in a jurisdiction, and the income inclusion rule will allow a company’s parent ...