KONTAN.CO.ID - SINGAPORE. Singapore, a regional hub for technology firms, will change its tax system as needed once there is a global consensus, its finance minister said on Tuesday, after the world's rich nations agreed there should be a minimum corporate tax rate of 15%. Singapore, a low-tax jurisdiction where several multinationals including Alphabet's Google, Microsoft and Facebook have regional headquarters, has a rate of 17% but provides incentives and schemes which reduce the effective rate. The Group of Seven (G7) advanced economies agreed on Saturday to back a minimum global corporate tax rate of at least 15%, and experts say that could lead to a gradual phasing out of concessionary tax rates in Singapore.
Singapore says will make needed changes to corporate tax once consensus on G7 plan
KONTAN.CO.ID - SINGAPORE. Singapore, a regional hub for technology firms, will change its tax system as needed once there is a global consensus, its finance minister said on Tuesday, after the world's rich nations agreed there should be a minimum corporate tax rate of 15%. Singapore, a low-tax jurisdiction where several multinationals including Alphabet's Google, Microsoft and Facebook have regional headquarters, has a rate of 17% but provides incentives and schemes which reduce the effective rate. The Group of Seven (G7) advanced economies agreed on Saturday to back a minimum global corporate tax rate of at least 15%, and experts say that could lead to a gradual phasing out of concessionary tax rates in Singapore.