Tag: EOI Standard

Income Tax (Exchange of Information Arrangement) Order 2016 comes into operation on 1 May 2016 [S 34/2016]

On By taxsgIn Corporate Tax, e-Gazette, Legislative Updates

2 February 2016

The Income Tax (Exchange of Information Arrangement) Order 2016 was first published in the Government Gazette, Electronic Edition, on 25 January 2016 and comes into operation on 1 May 2016.

In the Order, the Declaration of Exchange of Information Arrangement states that Singapore is a party to the Convention on Mutual Administrative Assistance in Tax Matters.

The Schedule of the Order is listed as follows:

  • Chapter 1 – Scope of the Convention
  • Chapter 2 – General definitions
  • Chapter 3 – Forms of assistance
  • Chapter 4 – Provisions relating to all forms of assistance
  • Chapter 5 – Special provisions
  • Chapter 6 – Final provisions

Singapore signed the Convention on Mutual Administrative Assistance in Tax Matters on 29 May 2013.

Source: Government Gazette

Public consultation on changes to the Income Tax Act relating to the Exchange of Information (EOI) Regime

On By taxsgIn Income Tax Act, Latest Tax News, Legislative Updates

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:

  1. 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.
  2. The local tax authority will be allowed access to bank and trust information from financial institutions without a Court Order.
  3. 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

Singapore signs the Convention on Mutual Administrative Assistance in Tax Matters

On By taxsgIn General News

31 May 2013

On 29 May 2013, Singapore signed the Convention on Mutual Administrative Assistance in Tax Matters. The Convention was signed in Paris by Mr Tan York Chor, Singapore’s Ambassador to France, expanding Singapore’s network of EOI partners by 13 jurisdictions comprising Argentina, Belize, Brazil, Colombia, Costa Rica, Ghana, Greece, Guatemala, Iceland, Moldova, Nigeria, Tunisia and the United States of America.

The Convention was first developed as an OECD-Council of Europe agreement in 1988 and opened to non-members in 2010.

Source: Ministry of Finance, Singapore

Singapore’s International Tax Cooperation Framework is in line with the Internationally Agreed EOI Standard

On By taxsgIn General News

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