In forceUpdated to 20 Mar 2025

Contents

Multinational Enterprise (Minimum Tax) Act 2024 · Updated to 20 Mar 2025 · Part 2 · MTT

11. Purpose of this Part

(1)

The purpose of this Part is to implement the GloBE rules relating to the top‑up tax under the income inclusion rule (IIR).

(2)

For that purpose, this Part makes provision for a tax payable in respect of a constituent entity located in a jurisdiction outside Singapore, or a stateless entity, of an MNE group to which this Act applies where, for a financial year —

(a)

the effective tax rate for the constituent entities of the MNE group for that jurisdiction or for that stateless entity (as determined in accordance with this Part) is less than the minimum rate; and

(b)

any responsible member of the MNE group that holds an ownership interest in that entity is located in Singapore.

(3)

The tax is to be known as the “multinational enterprise top‑up tax” or “MTT”.

Read on from s 12

Part 3