Avocado Roundup is a quick morning review of top tax, legal, and climate news stories. It’s written by humans.
- Singapore plans to make sure that its implementation of the 15% global minimum tax on multinational enterprises doesn’t make it harder to do business in the city state, a government official told a tax conference Friday.
- Indranee Rajah, second minister for finance and national development, told the Tax Academy Conference 2023 that as the country implements global anti-base erosion rules, under Pillar 2 of the OECD-brokered tax agreement, it needs to take into account their compliance burden on businesses. “The rules are new and complex, and we are mindful of businesses’ concerns regarding onerous compliance requirements and possible double taxation. Having clarity and consistency in implementing the rules globally will therefore be important,” she said.
- Singapore earlier announced plans to implement the 15% minimum tax and a domestic top-up tax starting with business financial years that begin on or after Jan. 1, 2025. Raha said the country will adhere closely to the rules and administrative guidance, so that its domestic top-up tax can qualify for the qualified domestic minimum top-up tax safe harbor. She said that will benefit multinationals based in the city. (MOF.gov.sg)
- “Great to hear the minister talk about easing the tax compliance burden. Having a government that has foresight on compliance costs to the business is as important as a good incentive program,” Singapore EY partner James Choo commented in a LinkedIn post Friday. (LinkedIn)
- The Singapore minister’s comments come as countries around the world grapple with whether to implement the minimum tax or put it off for later. (LegalAvocado)
Tax Increases, Rulings
- Spanish police searched offices of the country’s soccer federation as part of a probe into suspected bribery by the FC Barcelona team of a former vice president of Spain’s refereeing committee. The investigation reportedly started out as a tax probe. (Associated Press)
- India tax authorities raided Chinese electronics giant Lenovo in three cities in an investigation of suspected tax evasion, according to a local report. (News Nine) (Times of India)
- Singapore sovereign wealth fund GIC unloaded its approximately $300 million stake in Vista Equity Partners, taking a loss on the transaction, after the private equity fund’s founder got dragged into a US tax scandal. (Financial Times)
Laterals, Moves, Promotions
- Insurance giant American International Group, Inc. said Stripe top lawyer and corporate secretary Patricia Walsh will become AIG’s new executive vice president and general counsel effective Dec. 1. An insurance industry in-house veteran, Walsh was a US Securities and Exchange Commission attorney and Cleary Gottlieb associate earlier in her career. (Businesswire)
