Australia

Next year, Australia will introduce a global minimum tax aimed at preventing multinationals based within its borders from evading tax.

It's been dubbed the "race to the bottom".

However, Singapore's effective tax rate can be much lower, as its government has incentives that greatly reduce or remove tax obligations for multinationals that set up operations and services in that country.

Last year, the ATO reached a settlement of almost $1 billion with mining giant Rio Tinto over its Singapore-based subsidiary.

Professor Sadiq says the tax will "raise very little" for Australia, providing $210 million by the 2024 financial year, "less than half a per cent of the $93 billion in company tax revenue" expected for that year.

Professor Sadiq says it would be better to distribute corporate tax revenue to countries with a company's activities actually take place.

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