Budget 2024 is a chance for Singapore to reinforce its status as a hub for business, wealth management, and sustainability-linked investments, said the Singapore Business Federation (SBF) and professional services firm KPMG, at the release of joint recommendations.
One recommendation is for new tax-related incentives to mitigate the impact of global Base Erosion and Profits Shifting 2.0 (BEPS 2.0) rules, which will erode Singapore’s tax competitiveness in attracting multinationals. Under Pillar 2 of BEPS 2.0, a minimum effective tax rate of 15 per cent for multinational enterprise (MNE) groups with annual group revenues of at least 750 million euros (S$1.09 billion) will be implemented in Singapore on or after Jan 1, 2025.
