The Inland Revenue Authority of Singapore has launched a Consultation on the Proposed Multinational Enterprise (Minimum Tax) Regulations – GloBE Safe Harbours and Transition Rules. The deadline for comments is 18 October 2024. --- 1. Introduction 1.1 As announced in the 2024 Budget Statement, Singapore will implement the Multinational Enterprise Top-up Tax ("MTT") and the Domestic Top-up Tax ("DTT") under Pillar Two of the Base Erosion and Profit Shifting ("BEPS") 2.0 initiative, which will impose a minimum effective tax rate of 15% on businesses' profits from financial years starting on or after 1 January 2025. This will apply to relevant...