Singapore Bill Would Provide Tax Credits to Offset Minimum Tax

Companies in Singapore would receive generous tax credits to offset some of the impact of the global minimum tax under legislation being considered by lawmakers.

The bill covers a broad range of activities, including manufacturing, commodities trading, innovation and sustainability sectors. Tax advisers are pushing the government to allow even more sectors to qualify for the credit.

The proposed refundable investment credit, introduced in Singapore’s parliament Sept. 9, would allow qualifying companies to claim tax credits on certain operating costs and offset it against their corporate income tax and its proposed domestic and multinational top-up taxes.