Don Wee on Income Tax (Amendment) Bill and Multinational Enterprise (Minimum Tax) Bill
The Multinational Enterprise (Minimum Tax) Bill is a crucial step in aligning Singapore with global efforts to ensure fair and transparent taxation of multinational enterprises (MNEs), by ensuring that they pay a minimum tax rate of 15 per cent. However, even as Singapore implements the changes, it has to safeguard its competitive advantage and ensure that businesses are not unduly burdened by compliance requirements. MP Don Wee said this in Parliament on Monday (Oct 14). He proposed that the resulting increase in tax revenues be channelled into strategic areas that directly benefit Singaporeans and strengthen Singapore’s long-term economic goals, such as sustainability initiatives, green infrastructure projects and educational programmes.
The Multinational Enterprise (Minimum Tax) Bill is a crucial step in aligning Singapore with global efforts to ensure fair and transparent taxation of multinational enterprises (MNEs), by ensuring that they pay a minimum tax rate of 15 per cent. However, even as Singapore implements the changes, it has to safeguard its competitive advantage and ensure that businesses are not unduly burdened by compliance requirements. MP Don Wee said this in Parliament on Monday (Oct 14). He proposed that the resulting increase in tax revenues be channelled into strategic areas that directly benefit Singaporeans and strengthen Singapore’s long-term economic goals, such as sustainability initiatives, green infrastructure projects and educational programmes.
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