Sharael Taha on Income Tax (Amendment) Bill and Multinational Enterprise (Minimum Tax) Bill
Singapore is committed to being a responsible global citizen by implementing BEPS 2.0 but it must tread carefully to avoid the unintended consequences that could weaken its investment ecosystem and economic resilience, said MP Sharael Taha. Speaking in Parliament on Tuesday (Oct 15), he said the introduction of the Refundable Investment Credit (RIC) is a vital tool to help Singapore comply with global tax rules while attracting direct investments to sustain growth and innovation. He stressed the need to remain vigilant, adaptive and proactive in adjusting Singapore’s investment toolkit to maintain its competitiveness. Singapore’s objective must be clear - close the gaps in international tax rules, ensuring multinational enterprises pay their fair share, and safeguard Singapore's future opportunities, while planning prudently for the long term. He also sought clarifications on the RIC - he wanted to know what criteria will be used to determine the quantum a company is eligible for, as well as the total budget for it and how it will be funded.
Singapore is committed to being a responsible global citizen by implementing BEPS 2.0 but it must tread carefully to avoid the unintended consequences that could weaken its investment ecosystem and economic resilience, said MP Sharael Taha. Speaking in Parliament on Tuesday (Oct 15), he said the introduction of the Refundable Investment Credit (RIC) is a vital tool to help Singapore comply with global tax rules while attracting direct investments to sustain growth and innovation. He stressed the need to remain vigilant, adaptive and proactive in adjusting Singapore’s investment toolkit to maintain its competitiveness. Singapore’s objective must be clear - close the gaps in international tax rules, ensuring multinational enterprises pay their fair share, and safeguard Singapore's future opportunities, while planning prudently for the long term. He also sought clarifications on the RIC - he wanted to know what criteria will be used to determine the quantum a company is eligible for, as well as the total budget for it and how it will be funded.
