Singapore: Implementation of minimum tax rate under OECD Inclusive Framework for the Taxation of the Digital Economy

Progress

Current status

under deliberation

01 Jan 2025 in force

14 Feb 2023 under deliberation

Scope

Implementers

Singapore

Policy Area

Taxation

Policy Instrument

Direct taxes including Digital Service Taxes

Regulated Economic Activity

cross-cutting

Government Branch

executive

Government Body

central government

Implementation Level

national

Timeline of events

01 Jan 2025

in force

Implemented Singapore's Pillar 2 of the OECD's BEPS initiative

On 1 January 2025, Singapore implemented Pillar 2 of the Global Anti-Base Erosion (GloBE) rules under Pillar 2 of the OECD’s Base Erosion and Profit Shifting (BEPS) initiative, which introduces a global minimum effective tax rate of 15% for large mu…

Source

Event type order

Action type implementation

Government branch executive

Government body central government

14 Feb 2023

under deliberation

Announced Singapore's intent to implement Pillar 2 of the OECD's BEPS initiative

On 14 February 2023, Singapore’s Deputy Prime Minister and Minister for Finance delivered the FY2023 Budget Statement in Parliament and announced Singapore’s intent to implement the Global Anti-Base Erosion (GloBE) rules under Pillar 2 of the OECD’s…

Source

Event type order

Action type announcement

Government branch executive

Government body central government

Progress

Scope

Timeline of events

Implemented Singapore's Pillar 2 of the OECD's BEPS initiative

Announced Singapore's intent to implement Pillar 2 of the OECD's BEPS initiative

Related changes

Australia: Bill enabling consequential and miscellaneous amendments to the Australian tax laws pertaining to OECD Pillar Two GloBE rules

Australia: Bill implementing the framework for imposition of top-up tax under the OECD Pillar Two GloBE rules

Italy: Ministry of Economy and Finance Decree 1 Implementing provisions relating to the national minimum tax

India [+ 1 other]: Joint statement on extension of agreement on transition from existing Indian equalisation levy to new multilateral solution agreed by the OECD-G20 Inclusive Framework

Australia: Australia Implementation of OECD Pillar 2 (Minimum Tax Rate)

Belgium: Bill Amending Minimum Taxation Rules under Pillar Two

Belgium: Law concerning the introduction of a minimum tax for multinational enterprise groups and large national groups

France: Finance Bill for 2024 establishing global minimum tax transposing EU-Directive 2022/2523

United Kingdom: United Kingdom Bill implementing of OECD/G20 Inclusive Framework for the Taxation of the Digital Economy

European Union: EU Directive to transpose agreement on international minimum taxation for multinationals (Council Directive (EU) 2022/2523)

Italy: Legislative Decree No. 209 on International Taxation implementing Council Directive (EU) 2022/2523 on Global Minimum Tax

United States of America: US implementation of OECD/G20 Inclusive Framework Multilateral Convention to Implement Amount A of Pillar One (Pillar One MLC) and accompanying documents

G20: OECD/G20 Two-Pillar-Approach regarding the Taxation of the Digital Economy

Switzerland: Switzerland implementation of OECD/G20 Inclusive Framework for the Taxation of the Digital Economy

Netherlands: Minimum Tax Act 2024 (OECD Pillar 2)

Ireland: Ireland Consultation on OECD's International Tax Proposals

Ireland: Ireland Implementation of OECD Pillar 2 (Minimum Tax Rate)

United Kingdom: United Kingdom Implementation of OECD/G20 Inclusive Framework for the Taxation of the Digital Economy

Austria [+ 5 other]: Joint statement on a transitional approach to existing unilateral measures before pillar 1 is in effect

Argentina [+ 16 other]: G24 Joint Comment on the OECD/G20 Two-Pillar Solution