askST: What is the new global minimum tax deal and how will it affect Singapore?

The accord addresses the tax challenges arising from the digitalisation of the global economy.
The accord addresses the tax challenges arising from the digitalisation of the global economy.ST PHOTO: GIN TAY

SINGAPORE - A global deal to ensure big companies pay a minimum tax rate of 15 per cent and make it harder for them to avoid taxation was agreed by 136 countries last Friday (Oct 8), with Singapore among them.

The accord aims to end a four-decade-long "race to the bottom" by countries slashing tax rates to attract multinational companies (MNCs) bringing investments and jobs. It also addresses the tax challenges arising from the digitalisation of the global economy.

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