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Hazel Poa on Income Tax (Amendment) Bill and Multinational Enterprise (Minimum Tax) Bill

10:17 Min

The Progress Singapore Party believes that “more profitable companies should pay more taxes”, so it supports the major shift in Singapore’s taxation policy which will be brought about by the Multinational Enterprise (Minimum Tax) Bill, NCMP Hazel Poa told Parliament on Monday (Oct 14). One of the key provisions of the Bill is to introduce a minimum effective tax rate of 15 per cent for large multinational enterprises (MNEs). Ms Poa said this will make for a more equitable corporate taxation system. With strong corporate earnings amid the post-COVID economic recovery, she said Singapore is likely to soon see “a very substantial increase” in corporate tax revenue. She called on the Government to invest part of this revenue in SMEs as well as in addressing Singapore’s “high cost structure”, with rising rent and property costs being of particular concern.

The Progress Singapore Party believes that “more profitable companies should pay more taxes”, so it supports the major shift in Singapore’s taxation policy which will be brought about by the Multinational Enterprise (Minimum Tax) Bill, NCMP Hazel Poa told Parliament on Monday (Oct 14). One of the key provisions of the Bill is to introduce a minimum effective tax rate of 15 per cent for large multinational enterprises (MNEs). Ms Poa said this will make for a more equitable corporate taxation system. With strong corporate earnings amid the post-COVID economic recovery, she said Singapore is likely to soon see “a very substantial increase” in corporate tax revenue. She called on the Government to invest part of this revenue in SMEs as well as in addressing Singapore’s “high cost structure”, with rising rent and property costs being of particular concern.

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