Singapore: Tax measures in budget 2024 include Pillar Two global minimum tax rules
Proposals implementing Pillar Two global minimum tax rules for financial years starting 1 January 2025
Proposals implementing Pillar Two global minimum tax rules
Singapore’s budget for 2024 includes proposals implementing the Pillar Two global minimum tax rules for financial years starting 1 January 2025.
The 2024 budget also includes the following proposed tax measures:
- Introduction of additional concessionary tax rate tier for various incentives
- Extension of fund tax incentive scheme, as well as withholding tax exemptions and goods and services tax (GST) exemptions for qualifying funds, until 31 December 2029
- Refundable investment credit scheme to attract substantive, high-value economic activities
- Alternative basis for tax for selected maritime sector incentive sub-schemes
- 50% corporate income tax rebate capped at S$40,000 and with a minimum cash payout of S$2000
Read a February 2024 report [PDF 5.2 MB] prepared by the KPMG member firm in Singapore
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