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Draft legislation on BEPS 2.0 Pillar Two for public consultation
This alert summarises the key observations from the draft legislation that has been released.
On 10 June 2024, the Ministry of Finance (MOF) released the draft legislation to implement a Qualifying Domestic Minimum Top-up Tax (QDMTT) and the Income Inclusion Rule (IIR) under Pillar Two of the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) 2.0 initiative, as announced in the 2024 Budget Statement on 16 February 2024.
The draft legislation contains a bill to enact a new act in Singapore called the Multinational Enterprise (Minimum Tax) Bill (the proposed Bill) and subsidiary legislation called the Multinational Enterprise (Minimum Tax) Regulations 2025.
The MOF is seeking public feedback on the draft legislation from 10 June 2024 to 5 July 2024.
This tax alert summarises the key observations from the draft legislation that has been released.