Commentary

New global tax plan adds to list of challenges for Singapore

The new tax measures may hit low-tax jurisdictions such as Singapore, where many profitable companies currently seek to pay their taxes.ST PHOTO: LIM YAOHUI

SINGAPORE - The world's richest countries have proposed laying out new international tax rules that will only add to the challenges that trade-and investment-dependent countries like Singapore face in the coming months and years.

Most economies worldwide are still struggling with an uneven and unequal recovery from the coronavirus-induced economic downturn. This means they will have to lean even more heavily on trade revenues and foreign investment.

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