19 July 2013
The Ministry of Finance is seeking feedback on the amendments in the draft Income Tax (Amendment) Bill 2013 concerning recent changes made to the EOI regime. This exercise will be conducted from 18 July to 31 July 2013.
The proposed amendments, which were unveiled in May 2013, will enable Singapore to cooperate more fully with other nations to curtail tax crimes. They are as follows:
- In keeping with the internationally agreed Standard, Singapore will provide EOI assistance to all existing tax treaty partners, without having to revise bilateral agreements individually.
- The local tax authority will be allowed access to bank and trust information from financial institutions without a Court Order.
- The Government will reach an agreement with its US counterpart to help financial institutions here comply with the Foreign Account Tax Compliance Act.
For full details please refer to the Ministry of Finance’s website.
Source: Ministry of Finance