Singapore plans to implement GloBE Rules and Domestic Top-up Tax as of 1 January 2025

24 February 2023|Tax Alerts, Legislation & Policy, National/Federal Taxation, OECD, BEPS 2.0|Singapore

On 14 February 2023, Singapore announced in its Budget 2023 that it plans to implement the Global Anti-Base Erosion (GloBE) Rules (i.e., Income Inclusion Rule (IIR) and Undertaxed Profits rule (UTPR)) and Domestic Top-up Tax (DTT) for businesses with financial years starting on or after 1 January 2025.
A number of existing incentive regimes were extended under the announcement, signaling that tax incentive regimes in Singapore will continue to remain.
Companies with a presence in Singapore should …

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