Lawrence Wong on Singapore's response to possible impact of global tax changes
05 Jul 2021 01:41pm
Singapore will adjust its corporate tax system if needed, in consultation with the industry. Changes, if any, will be guided by three key principles. Firstly, it will abide by internationally agreed standards. Secondly, it will safeguard its taxing rights. Thirdly, it will seek to minimise the compliance burden for businesses. Finance Minister Lawrence Wong said this in Parliament on Monday (Jul 5), in reply to questions from MPs on the impact of the move by G7 nations to reform the global tax system. He said Singapore must "double down" on its competitive strengths to stay agile and nimble.