Singapore plans to implement GloBE Rules and Domestic Top-up Tax as of 1 January 2025

On 14 February 2023, Singapore announced in its Budget 2023 that it plans to implement the Global Anti-Base Erosion (GloBE) Rules (i.e., Income Inclusion Rule (IIR) and Undertaxed Profits rule (UTPR)) and Domestic Top-up Tax (DTT) for businesses with financial years starting on or after 1 January 2025.

A number of existing incentive regimes were extended under the announcement, signaling that tax incentive regimes in Singapore will continue to remain.

Companies with a presence in Singapore should …