Global minimum tax implementation likely to be delayed until 2024

The expected push back is amidst recent developments in Europe.

The implementation of the global minimum tax of 15% by 2023 might be delayed until 2024, according to an expert from KPMG.

KPMG Partner Mark Addy said the pushback will likely be due to the recent developments in Europe – hitting record inflation, the ongoing Russia-Ukraine conflict, and more.

Addy, however, said the implementation will not be delayed beyond 2024 given the very strong momentum for the global minimum tax.

READ MORE: Global minimum tax and its potential impact on business planning for MNCs in Singapore

In anticipation of its implementation, Addy urged companies to “model the financial impact” of the cap on their business, and “review their existing structures and prepare their finance teams early in anticipation of the commencement date.”

Whilst multinational companies will face a “topped up” low-taxed profits, Addy underscored that they can still take advantage of Singapore's relatively low headline tax rate of 17%.

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