Yip Hon Weng on Income Tax (Amendment) Bill and Multinational Enterprise (Minimum Tax) Bill

The Multinational Enterprise (Minimum Tax) Bill will align Singapore with global tax standards, but the Government must ensure that it does not place undue burdens on local businesses, said MP Yip Hon Weng. Speaking in Parliament on Monday (Oct 14), he proposed targeted relief and resources to help small- and medium-sized enterprises (SMEs) if multinational enterprises (MNEs) downsize or relocate. He also urged the Government to consider exemptions or reduce compliance requirements to avoid excessive strain on local businesses. Mr Yip also stressed the need to guarantee that the benefits of the new tax regime benefit the communities here. He said corporations that had thrived in Singapore on its good governance, infrastructure and talent pool should contribute to the public good. He also stressed the need to use the additional tax revenue to strengthen Singapore’s public infrastructure, enhance healthcare services and upskill its workforce. He urged the Government to engage closely with MNEs, SMEs and the public to implement the Bill and ensure that it leads to sustainable growth, innovation and shared prosperity for all Singaporeans.