Singapore is updating its tax regime to strengthen its economic competitiveness, provide more clarity to businesses, and give more support to companies and individuals in a challenging global economic landscape. The Finance (Income Taxes) Bill was moved for second reading in parliament on Thursday (Nov 6) by Senior Minister of State for Finance Jeffrey Siow. It will keep Singapore aligned with global updates on the minimum effective tax rate of 15 per cent for large multinational enterprises. It also implements tax changes in Budget 2025, including corporate and personal tax rebates and tax incentives to boost Singapore’s stock market.