18 April 2013
The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), a 20-member international organisation, has affirmed that Singapore’s exchange of information regime is in line with the internationally agreed Standard for exchange of information for tax purposes (EOI Standard).
The affirmation comes upon the completion of a two-phased peer review of Singapore’s legal and regulatory framework for transparency and exchange of information, as well as the practical implementation of that framework’s adherence to the internationally agreed EOI Standard.
The following were noted in the Phase 2 peer review (adopted on 2 April 2013):
- Singapore has extensive laws to ensure that ownership and identity information of relevant entities are available.
- Singapore’s competent authority (Inland Revenue Authority of Singapore) has broad powers to access and obtain information from any person who holds the information, including the powers to search premises and seize information and to obtain written statements from relevant persons.
- Singapore exchanges information with its EOI partners in an effective and timely manner.
Singapore’s Phase 1 peer review report was adopted on 1 June 2011.
Source: Inland Revenue Authority of Singapore, Ministry of Finance