Singapore and Hong Kong Brace for Minimum Tax Turbulence – SCMP

From Russia’s invasion of Ukraine to surging inflation and rising social costs, the finance ministers of Hong Kong and Singapore have plenty on their minds, reported the South China Morning Post.

And if all that wasn’t enough, there is also the planned global minimum corporate tax of 15 per cent to fret about – as mentioned by both of them in recent budget speeches as the sweeping reform of international tax rules – engineered by the Organisation for Economic Co-operation and Development (OECD) and agreed by more 130 jurisdictions last year – is aimed at clamping down on tax evasion by large companies and is meant to prevent economies competing by offering ever lower rates to attract multinational firms.