Ministry of Finance proposes amendments to income tax and MNE minimum tax frameworks.

The proposed Finance (Income Taxes) Bill seeks to amend the Income Tax Act 1947 and the Multinational Enterprise (Minimum Tax) Act 2024. The changes aim to implement Budget 2026 tax measures, integrate results from periodic systemic reviews, and align with Pillar Two Global Anti-Base Erosion Model Rules.

Why it mattersLawyers should monitor these amendments to advise clients on updated income tax obligations and the specific impact of global minimum tax rules on multinational enterprises.