The Inland Revenue Authority of Singapore (IRAS) has published an overview of tax changes in the Budget Statement for the Financial Year 2023 that was delivered on 14 February 2023 by Minister for Finance, Lawrence Wong. The main changes for businesses are summarized as follows:
Implement the Global Anti-Base Erosion (GloBE) Rules (i.e., Income Inclusion Rule and Undertaxed Profits Rule) and Domestic Top-up Tax (DTT)
Singapore plans to implement the GloBE rules and DTT from the financial …