Singapore is home to more than 7,000 multinational corporations (MNCs) that have been enjoying tax incentives and not paying corporate taxes at its 17% rate, says Sanganeria. However, once the Organisation for Economic Co-operation and Development’s Base Erosion and Profits Shifting (OECD’s BEPS) 2.0 comes into play, these MNCs will have to pay more in taxes.
Budget 2024 is a good opportunity to look at how Singapore's tax regime needs to be fine-tuned so as to stay appealing to global businesses and family offices, say KPMG Singapore leaders.
The firm brings together its director of corporate tax consulting, Vishesh Dhuldhoya; partner and head of tax, Ajay Kumar Sanganeria; and Mark Addy, partner of energy & natural resources, telecommunications, media & technology tax, to discuss what lies ahead for Singapore after the global minimum tax is implemented.
