SINGAPORE WANTING TO GO BY YEAR END INTO OECD’s WHITE LIST ON TAX COMPLIANT ON INTERNATIONAL TAX EVASION
Singapore which is one of the strategic financial centre in Asia has recently tightened the screws on cross-border tax cheats and complying with stricter standards for world banking centres.
Earlier, Singapore has been in the grey list of countries that have not fully implemented the standards or principles drawn up by the Organization for Economic Cooperation and Development (OECD) outlining how countries should address international tax evasion through information sharing.
A bill amending Singapore’s tax laws was passed by parliament and the government expects to sign enough bilateral agreements to be upgraded to the “white list” of compliant countries by the end of the year.Singapore had reached agreements with 20 jurisdictions to incorporate the OECD’s global standards, which were endorsed by a United Nations committee on tax cooperation last year. It has formally signed Avoidance of Double Taxation Agreements (DTAs) with 11 of the 20 countries and territories and needs only to ink its 12th accord to get out of the OECD gray list,
Despite passing the amended law, depositors are assured that there will be no indiscriminate prying into taxpayers’ accounts. The requests for information must be specific, detailed and relevant to the tax affairs of a given taxpayer.
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- Vietnamese Companies Wanting to list stocks on foreign markets through ‘backdoor’
- MASB To Issue 4 Financial Reporting Standards This Year
- Recent Impact By The Single-Tier Corporate Tax System
- MALAYSIA TAX BUDGET 2010: PERSONAL TAX INCENTIVE FOR BROADBAND EXPENSES
October 25, 2009
Tags: Asian Tax News
Posted in: Singapore
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