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Part 2 · Amendment of Multinational Enterprise (Minimum Tax) Act 2024

37. Amendment of section 9

(1)

In the MMTA, in section 9, replace subsections (3) and (4) with —“(3) Where each constituent entity of an MNE group located in Singapore —

(a)

has a FANIL as specified in paragraph 6(14) of the First Schedule; and

(b)

uses Singapore dollar as its functional currency in preparing its financial statements,the calculations for the purposes of Part 3 in relation to the MNE group, or a constituent entity of the MNE group, are to be carried out in Singapore dollar.

(4)

Where —

(a)

a standalone JV located in Singapore; or

(b)

each entity of a JV group located in Singapore,satisfies both of the following:

(c)

has a FANIL as specified in paragraph 6(14) of the First Schedule (as applied by section 30(7));

(d)

uses Singapore dollar as its functional currency in preparing its financial statements,the calculations for the purposes of Part 3 in relation to the standalone JV, or to the JV group or an entity of the JV group, are to be carried out in Singapore dollar.”.

(2)

Subsection (1) applies in relation to each financial year beginning on or after 1 January 2025 of an MNE group, or the MNE group to which a standalone JV located in Singapore, or an entity of a JV group located in Singapore, is connected.

Report

Read on from cl 38

Part 3

Related Amendments to Goods and Services Tax Act 1993

Read on from Part 3

Part 4

Related Amendments to Property Tax Act 1960

Read on from Part 4

Part 5

Amendment of Economic Expansion Incentives (Relief from Income Tax) Act 1967

Read on from Part 5

Part 6

Saving and Transitional Provisions

Read on from Part 6

Schedules