Consulting firm: Refundable investment tax credit scheme helps Singapore remain competitive

International consultancy KPMG has welcomed the government's rollout of a refundable investment tax credit scheme. (Picture: KPMG official website)

Several partners from the international consulting firm KPMG praised the government's launch of the Refundable Investment Tax Credit Scheme (Refundable Investment Credit), which is timely and effectively helps companies cope with the challenges posed by international minimum tax levels and helps Singapore remain competitive.

Harvey Koenig, a partner in telecommunications, media and technology, and tax at KPMG Singapore, told 8 Vision News Network that multinational companies are facing the challenge of the world’s lowest tax rate of 15%. Now the government’s launch of a refundable investment tax credit plan is undoubtedly a strategic solution. plan.

He said that such tax credit schemes provide more favorable treatment compared with other forms of tax incentives, which will help alleviate the second-generation anti-base erosion and profit shifting that many multinational groups have been very concerned about ( BEPS 2.0) Impact of Pillar 2 rules.