Multinational Enterprise (Minimum Tax) Act 2024(No. 36 of 2024)
Table of Contents
Long Title
Enacting Formula
Part 1 PRELIMINARY
1 Short title and commencement
2 Interpretation
3 "Flow‑through entity", "reverse hybrid entity" and meaning of fiscal transparency
4 "Permanent establishment" and "main entity"
5 Jurisdiction where entity or permanent establishment is located
6 Jurisdiction where entity is located: 2 or more jurisdictions
7 Minimum rate
8 MNE group to which this Act applies
9 Currency
10 Act to be construed as one with ITA
Part 2 MTT
11 Purpose of this Part
12 Entity chargeable with MTT
13 Responsible members of MNE group
14 Amount of MTT chargeable on chargeable entity
15 Top‑up tax for relevant entity other than investment entity or insurance investment entity
16 Top‑up amounts of constituent entities other than special entities
17 Effective tax rate for constituent entities other than special entities
18 Substance‑based income exclusion for constituent entities other than special entities
19 De minimis exclusion
20 GloBE Safe Harbours
21 Additional current top‑up amount for constituent entities other than special entities
22 Top‑up amounts of stateless entities
23 Top‑up amounts of minority‑owned constituent entities and members of minority‑owned subgroup
24 Top‑up tax for investment entities and insurance investment entities
25 Application of this Part to joint ventures and JV subsidiaries
26 Multi‑parent groups
Part 3 DTT
27 Purpose of this Part
28 DTT payable in respect of MNE group and amount of DTT
29 Top‑up amount of MNE group
30 Top‑up amounts of constituent entities
Part 4 REGISTRATION OF MNE GROUP AND DESIGNATION OF DESIGNATED LOCAL GIR FILING ENTITY AND DESIGNATED LOCAL DTT FILING ENTITY
31 Registration of MNE group
32 Registration of MNE group by Comptroller
33 Designated local GIR filing entity
34 Designated local DTT filing entity
35 Ultimate parent entity of registered MNE group must inform Comptroller of certain events
36 Surcharge for failure to register
37 Record keeping
38 Cancellation or suspension of registration
Part 5 RETURNS, PAYMENT OF MTT AND DTT AND INFORMATION‑GATHERING POWERS
39 Returns deemed furnished by due authority
40 GloBE information return
41 Returns of MTT
42 Payment of MTT
43 Returns of DTT
44 Payment of DTT
45 Election to pay amount attributable to an entity separately
46 Power of Comptroller to obtain information
47 Powers of arrest and disposal of items furnished or seized
48 Information may be used for administration of Act
Part 6 ASSESSMENTS, OBJECTIONS AND APPEALS
49 Assessment
50 Assessment in event of failure to register
51 Assessment in event of fraud
52 Errors and defects in assessment and notice
53 Objections
54 Appeals to Board of Review
55 Appeals to General Division of High Court
56 Cases stated for General Division of High Court
57 Assessments are final and conclusive
Part 7 COLLECTION, RECOVERY AND REPAYMENT OF MTT OR DTT
58 Recovery of unpaid MTT, interest and penalty
59 Recovery of unpaid DTT, interest and penalty
60 Repayment of MTT and DTT
61 Right of contribution
62 Relief against double-counting
63 Relief in respect of error or mistake
Part 8 OFFENCES
64 Failure to make return
65 Failure to keep proper records
66 Failure to file GloBE information return and notice
67 Penalty for information in GloBE information return or notice known to be false or misleading
68 Penalty for incorrect return, etc.
69 Serious fraudulent tax evasion
70 Offences by authorised and unauthorised persons
71 Offence for obstructing Comptroller or officers
72 MTT or DTT payable despite any proceedings
73 Consent for prosecution
74 Application of ITA provisions on offences
75 Composition of offences
Part 9 MISCELLANEOUS
76 Authorisation of officers
77 Liability of managers of entities
78 Duty of liquidator, etc., on winding up of entity
79 Provisions relating to interest and penalty
80 Saving for criminal proceedings
81 Admissibility of certain statements and documents as evidence
82 Protection of informers
83 Application of other ITA provisions
84 Regulations
85 Related amendments to Income Tax Act 1947
86 Related amendments to Inland Revenue Authority of Singapore Act 1992