From the Ministry of Finance in Singapore, Singapore has built a reputation as an attractive business destination with a conducive tax environment. If Singapore will embrace the minimum global corporate tax, over 1800 MNCs will be affected, which meet the criteria to tax them on the proposed new tax. With the previous corporate tax of 17% (Ministry of Finance Singapore, 2021c), Singapore has been attracting MNCs for their friendly tax to multinationals since their headline corporate tax is below the global average of 24% charged by many countries. The implication of the minimum global corporate tax to Singapore is that it will crowd out the benefits Singapore has been enjoying by setting a low tax for multinationals. It then means that the Australian government will have to look for alternative ways of attracting investors as they cannot set a lower tax below the 15% agreed in the EOCD meeting for the G7 countries. There is already a concern that the global minimum tax rate will reduce the appeal of Singapore for Indian companies. Singapore will no longer be a low-tax destination as more countries as high as 139 are joining Singapore as low tax destinations as the global minimum has been set at 15%. Singapore being a low Tax jurisdiction(Whye, 2021), their global attraction to multinationals will surely be impacted when the minimum global corporate tax is implemented, even when the headline tax for corporate is 17%, the effective tax in Singapore before even considering the incentives and concessionaries. Singapore’s business has been giving incentives such as technology, finance, and Biomed will be greatly affected if the 15% tax is affected. With the Covid-19 effects on business financial cash flows, higher taxes will be the last thing such companies will want to hear. The likelihood is that many companies from the 7000 Indian companies in Singapore will look outward to find out the country with a friendlier corporate Tax. If Singapore is going to implement the tax and not experience the exodus of companies, then the revenue for Singapore tax will increase even as they continue attracting the MNCs. Companies such as Google, Facebook, Adan Group, and Bytedance, which have set regional headquarters in Singapore, will no longer experience the best corporate tax as they enjoyed before implementing the minimum tax. Singapore rode on the tax incentive to multinationals to spur its economic growth over the years. This attractive policy will be crowded out by the implementation of the global minimum corporate tax.
Potential ImpactImpact of implementing the global minimum to careers will ruin the careers of people whose companies will shift headquarters elsewhere since the tax is no longer attractive. As (Bunn 2021) noted, there will be fewer jobs in countries where the multinationals relocate their regional headquarters elsewhere, resulting in high unemployment levels. The profit shifting and limited use of tax havens to determine the headquarters will see host countries experience less foreign investment and reduced jobs. With Australia being a country with high taxes and various taxes for businesses, the reduction of taxes will see more companies set up operations in the country. More business will create more jobs, and I see my options for jobs increase with the international experience as more companies come to Australia. However, the tax bill for companies is bound to increase (Maurer, 2021), and this may see companies shrink operations, leading to loss of jobs, especially with the Covid-19 being a struggle for many firms’ cash flows.
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