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MMT Regulations 2024 gazetted on 30 December 2024
Singapore publishes subsidiary legislation supplement on BEPS 2.0 Pillar Two.
The Multinational Enterprise (Minimum Tax) Act (MMT Act) was passed by Singapore Parliament on 15 October 2024 and received Presidential assent on 8 November 2024 to become law in Singapore (see EY Tax Alert dated 6 December 2024). Subsequently, a subsidiary legislation supplement titled Multinational Enterprise (Minimum Tax) Regulations 2024 (MMT Regulations) was gazetted on 30 December 2024.
With this, the Pillar Two legislation can be considered as substantively enacted in Singapore as of 31 December 2024.
Additionally, the Inland Revenue Authority of Singapore (IRAS) published an e-Tax Guide on Multinational Enterprise Top-up Tax (MTT) and Domestic Top-up Tax (DTT) on 31 December 2024 (IRAS e-Tax Guide).