Finance (Income Taxes) Bill introduced in Parliament
29 October 2025
On 14 October 2025, the Finance (Income Taxes) Bill (“Bill”) was introduced in Parliament. This Bill will amend the Income Tax Act 1947 (“ITA”) and the Multinational Enterprise (Minimum Tax) Act 2024 (“MMTA”).
This Bill seeks to implement the tax changes in the Government’s 2025 Budget Statement in the ITA. These include changes to introduce tax incentives recommended by the Equities Market Review Group to encourage new listings
in Singapore and increase investment demand for Singapore-listed equities: (i) Listing corporate income tax rebate for new corporate listings in Singapore; (ii) Enhanced concessionary tax rate of 5% for new fund manager listings in Singapore; and (iii) Tax exemption on fund managers’ qualifying income arising from funds investing substantially in Singapore-listed equities.
The Bill also seeks to amend the MMTA in accordance with various provisions of the GloBE Model Rules, and to give effect to various guidances in the document titled “Tax Challenges Arising from the Digitalisation of the Economy ‑ Administrative Guidance on the Global Anti‑Base Erosion Model Rules (Pillar 2), June 2024” published by the Organisation for Economic Co‑operation and Development (OECD) on 17 June 2024. The changes will ensure that Singapore’s Multinational Enterprise Top-up Tax and Domestic
Top-up Tax regime operates in accordance with the GloBE Model rules.
Public consultation and response
From 18 June 2025 to 11 July 2025, the Ministry of Finance (“MOF”) conducted a public consultation and sought feedback on a draft version of the Bill. On 9 October 2025, MOF published a summary of its response to the feedback received from the public consultation. MOF’s responses to the key feedback are in the Annex to the summary. For more on the public consultation, please see our article “MOF conducts public consultation on draft Finance (Income Taxes) Bill 2025”.
Reference materials
The following materials are available on Singapore Statutes Online sso.gov.sg and the Ministry of Finance website www.mof.gov.sg: