Recent developments that matter from around the globe, reported by Tim Sarson (KPMG).
Pillar Two national implementation update
On 14 February 2023 Singapore presented its 2023 Budget. One of the major announcements was the implementation of Pillar Two including a domestic minimum top up tax (DMTT). Singapore had previously indicated it would implement the global minimum tax and was widely anticipated do so from 2024 in line with other jurisdictions. However in an unexpected development it has chosen to implement the rules from January 2025.
Hong Kong followed suit in its Budget announcement on 22 February 2023 confirming the global minimum tax and a DMTT would apply from 2025 onwards.
On 7 March 2023 the Thai Cabinet approved in principle measures to support the implementation of Pillar Two. The indicative timetable is for draft legislation to be published this year with the...
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Recent developments that matter from around the globe, reported by Tim Sarson (KPMG).
Pillar Two national implementation update
On 14 February 2023 Singapore presented its 2023 Budget. One of the major announcements was the implementation of Pillar Two including a domestic minimum top up tax (DMTT). Singapore had previously indicated it would implement the global minimum tax and was widely anticipated do so from 2024 in line with other jurisdictions. However in an unexpected development it has chosen to implement the rules from January 2025.
Hong Kong followed suit in its Budget announcement on 22 February 2023 confirming the global minimum tax and a DMTT would apply from 2025 onwards.
On 7 March 2023 the Thai Cabinet approved in principle measures to support the implementation of Pillar Two. The indicative timetable is for draft legislation to be published this year with the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
