Multinational Enterprise (Minimum Tax) Bill

Explore the details of bill number 33/2024.

Summary written by AI (learn more)

The Multinational Enterprise (Minimum Tax) Bill aims to implement the OECD/G20 Global Anti-Base Erosion Model Rules (Pillar 2) by introducing the Multinational Enterprise Top-Up Tax (MTT) and domestic top-up tax (DTT) for multinational groups with at least EUR 750 million in consolidated revenue.
MTT applies to entities within a multinational group located in Singapore if they hold interests in other entities located in jurisdictions with tax rates below the minimum of 15%, leading to a top-up tax charge.
DTT is applicable if a multinational group's effective tax rate in Singapore also falls below 15%, ensuring local constituent entities pay a minimum tax rate.
The Bill outlines registration and information-gathering requirements, mandates returns and payment processes for MTT and DTT, and defines assessment, objection, and appeal procedures in case of disputes over tax liabilities.
Provisions for offences related to non-compliance, including penalties for failing to submit returns, provide false information, or maintain proper records, are also included.

Original PDF

Timeline

Bill introduced

The bill is formally presented in Parliament for consideration.

2 years ago

First reading

The bill's title and key objectives are read out, but no debate occurs at this stage.

2 years ago

Second reading

Members of Parliament debate the bill's general principles and overall merits.

2 years ago

Select committee

The bill is examined in detail by a select committee, which may suggest amendments.

2 years ago

Third reading

Members of Parliament debate the final version of the bill, including any amendments made.

2 years ago

Voting

The bill is voted on by the Members of Parliament and, if it receives the required majority, it becomes law. Do note that an exact vote may not be counted; the 'ayes' can simply be louder than the 'noes'.

2 years ago

Bill passed

The bill is passed and becomes law.

2 years ago

Multinational Enterprise (Minimum Tax) Bill

Explore the details of bill number 33/2024.

Summary written by AI (learn more)

The Multinational Enterprise (Minimum Tax) Bill aims to implement the OECD/G20 Global Anti-Base Erosion Model Rules (Pillar 2) by introducing the Multinational Enterprise Top-Up Tax (MTT) and domestic top-up tax (DTT) for multinational groups with at least EUR 750 million in consolidated revenue.
MTT applies to entities within a multinational group located in Singapore if they hold interests in other entities located in jurisdictions with tax rates below the minimum of 15%, leading to a top-up tax charge.
DTT is applicable if a multinational group's effective tax rate in Singapore also falls below 15%, ensuring local constituent entities pay a minimum tax rate.
The Bill outlines registration and information-gathering requirements, mandates returns and payment processes for MTT and DTT, and defines assessment, objection, and appeal procedures in case of disputes over tax liabilities.
Provisions for offences related to non-compliance, including penalties for failing to submit returns, provide false information, or maintain proper records, are also included.

Original PDF

Timeline

Bill introduced

The bill is formally presented in Parliament for consideration.

2 years ago

First reading

The bill's title and key objectives are read out, but no debate occurs at this stage.

2 years ago

Second reading

Members of Parliament debate the bill's general principles and overall merits.

2 years ago

Select committee

The bill is examined in detail by a select committee, which may suggest amendments.

2 years ago

Third reading

Members of Parliament debate the final version of the bill, including any amendments made.

2 years ago

Voting

2 years ago

Bill passed

The bill is passed and becomes law.

2 years ago