Singapore to Start Global Minimum Tax Registration in May

Singapore will begin registering companies to pay the global minimum tax in May, the country’s tax authority said Wednesday.

The Inland Revenue Authority of Singapore said multinational groups with €750 million or more in annual revenue that operate in the country must register for the 15% minimum tax.

• Implementing a 2024 budget statement, the IRAS will apply two levies under the global minimum tax negotiated at the Organization for Economic Cooperation and Development. The income inclusion rule will apply to the low-taxed profits of group entities located outside Singapore, and the domestic top-up tax to low-taxed profits of group entities ...