Tag Archives: Singapore Tax

Tax regime changes allow it to implement standard for sharing information

Singapore will let a foreign jurisdiction access tax data if requests are ‘clear, specific, relevant, and consistent with the exchange of information standard’, says Mr Tharman. — TNP FILE PHOTO

Public interest means… ”Public interest’ under the Act covers the same grounds as ‘public policy’ (ordre public) as stated in the internationally agreed standard. It covers especially national security interests, or sensitive information held in the vital interests of the requested country. We have used the term ‘public interest’ only so as to be consistent with our Mutual Assistance in Criminal Matters Act (MACMA), which is an existing Act. ‘Public interest’ does not in substance depart from what is envisaged under the internationally agreed standard, under its public policy provision.’ Finance Minister Tharman Shanmugaratnam, on amendments to the Income Tax Act, in response to a question by MP Ho Geok Choo. The new Bill allows Singapore to implement the internationally agreed standard for the exchange of information for tax purposes upon request from treaty partners.

LATEST changes to the local tax regime will see Singapore edge closer towards getting on a list of the world’s leading tax jurisdictions.

The Income Tax (Amendment) (Exchange of Information) Bill, passed by Parliament yesterday, will allow Singapore to implement an internationally agreed standard for the exchange of information on tax matters.

That is key to getting out of a ‘grey’ list of nations committed to the standard but have yet to fully implement it. Continue reading →

Mr Tharman told Parliament that the new standard enhances the scope of information exchange cooperation under the Avoidance of DTAs, by lifting the domestic interest condition and allowing for access to information from banks and trust companies under certain conditions. — ST PHOTO: STEPHANIE YEOW

PARLIAMENT on Monday passed a bill that will align the local tax regime with international standards, beefing up its efforts to stave off cross-border tax evasion.

The latest amendment to the Income Tax Act will allow Singapore to implement the internationally-agreed standard for the exchange of information (EOI) for tax purposes on request. Continue reading →