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 multi-national enterprises, i.e., for those with an annual turnover exceeding EUR 750 million. This was first announced by Singapore’s Deputy Prime Minister and Minister for Finance during his delivery of the FY2023 Budget Statement in Parliament on 14 February 2023.
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