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Global Tax Reform

8 October 2021, Friday: OECD fixes global minimum corporate tax rate at 15% with a ‘Statement on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy’. Read about the reactions in the international and local media.

Updates

  • 26 October 2021, Tuesday: An Op-ed on Navigating An Uncertain Global Operating Environment with Mutual Trust and Partnership, based on a roundtable moderated by Accredited Tax Advisor (Income Tax) Mr Allen Tan, Principal, Baker McKenzie Wong & Leow.

  • 13 October 2021, Wednesday: OECD’s Tax Report to G20 Finance Ministers and Central Bank Governors and insights from Deloitte, EY, KPMG & PwC.

  • 29 September 2021, EDB – Highlights of pointers voiced in a roundtable co-organised by SCTP and EDB are now online. “The global tax reform and ongoing developments have become an impetus to look deeper into what Singapore is already doing well to attract investments and assist companies in their regional expansion.” commented Mr Low Weng Keong, SCTP’s Chairman. Read what were also raised by various roundtable delegates.

  • 05 July 2021, Parliamentary Reply – “Any adjustments to our tax system will be guided by three principles: First, we will abide by internationally agreed standards. Second, we will safeguard our taxing rights. Third, we will seek to minimise the compliance burden for businesses.”

  • 17 June 2021, Straits Times - "It's a judgment call... But we also have to be careful that this new threshold doesn't end up being a maximum rate that ends up not allowing countries to generate more revenues than they would desire to."

  • 5 June, 2021, Saturday: The weekend saw a historic agreement by the G-7 reached in favour of a minimum global corporate tax rate. Besides the initial global reactions, read what Singapore’s response is and a snapshot of initial reactions/ perspectives from the tax profession.


COVID-19 Business and Tax Matters

The COVID-19 pandemic brought on an onslaught of tax issues and government support measures for businesses. Find out more what some of the key highlights were and access the complimentary webinars on-demand to gain better insights on various aspects of business.


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