Tag: EOI

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

Safeguarding the Integrity of Singapore’s Financial Centre

On By taxsgIn Corporate Tax

16 July 2013

In his keynote address at the ABS Financial Crime Seminar 2013, Assistant Managing Director of the Monetary Authority of Singapore Mr Lee Boon Ngiap stressed the need to safeguard the integrity of Singapore’s Financial Centre. The nation is fully committed to working with the international community to curb money laundering activities and tax-related crimes.

Effective 1 July 2013, tax crimes are designated money laundering predicate offences. Financial institutions must therefore conduct rigorous customer due diligence, monitor and report suspicious transactions to guard against the laundering of proceeds from tax crimes. Meanwhile, Singapore has an exchange of information (EOI) regime that is consistent with international standards. It has also started making legislative amendments to extend the international EOI Standard to all its existing tax treaty partners. Additionally, the nation is a signatory to the Convention on Mutual Administrative Assistance in Tax Matters, which further expands its network of EOI partners.

While policymakers have pro-actively set up a robust legal and regulatory framework, the financial services industry, too, has done its part. The Private Banking Industry Group developed a set of guidelines to protect private banks from being used as a platform to conceal proceeds from serious tax crimes. It is hoped that these initiatives, in tandem with effective supervision by the Central Bank, will uphold the integrity of Singapore’s Financial Centre.

Source: Monetary Authority of Singapore