Mr Chua Kheng Wee Louis asked the Minister for Trade and Industry (a) what is the number of companies under the Global Trader Programme (GTP); (b) what are their (i) revenues, (ii) pre-tax profits and (iii) taxes paid in the last five years; and (c) whether the GTP will lapse should the Government implement a domestic top-up tax that will top up multinational enterprises’ effective tax rate to 15%.
Mr Gan Kim Yong: There are about 400 companies on the Global Trader Programme (GTP) today.
Mr Chua has asked for tax-related data of GTP companies. It would not be wise to reveal such detailed information on our incentive recipients as it would undermine our economic competitiveness. Nevertheless, the Member may wish to note that the concessionary tax rate for this incentive is either 5% or 10%, depending on the size of economic investments these companies commit to bringing into Singapore.
In line with the Global Anti-Base Erosion (GloBE) rules, Singapore’s domestic top-up tax will apply to Multinational Enterprises (MNEs) with annual group revenues of at least 750 million euros. The GTP remains relevant for MNE groups below the revenue threshold.
Ministry of Trade and Industry
20 March 2023