On July 10, TEI submitted comments to the Ministry of Finance of Singapore regarding its bill to implement a multinational enterprise top-up tax and a domestic top-up tax as part of Singapore’s implementation of the Organisation for Economic Co-operation and Development’s Pillar Two project.
TEI’s comments primarily focused on the need for additional clarification of several aspects of the draft legislation, including the difference between income taxes reported on financial statements versus the actual cash tax paid in a particular year, among other things.
TEI’s comments were prepared under the aegis of its Asia Tax Committee. Benjamin R. Shreck, TEI tax counsel, coordinated the preparation of TEI’s comments. Read the comments here.
