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19 October
Thanking MPs for their support for the International Arbitration (Amendment) Bill, Mr Shanmugam reiterated that Singapore is recognised as a top centre for arbitration where rule of law is paramount. He added that the changes are indeed part of a larger initiative to ensure that Singapore develops a world-class ecosystem for arbitration and continues to be a leading destination for international arbitration work. |
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19 October
Potong Pasir MP Chiam See Tong said Singapore has the expertise to be an international arbitration hub of this region, but it has to build a reputation as a "fair and honest place" where impartiality is a norm. He said Singapore must also build up arbitration laws which recognise the irrevocability of arbitration agreements. Enforceability of awards must also prevail. |
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19 October
Expressing his support for the International Arbitration (Amendment) Bill, Holland-Bukit Timah GRC MP Christopher De Souza said the measures will help to uphold Singapore’s position as a top-tier international arbitration city. With the rapid rise of big Asian economies, he said there is great growth in commercial activities in this region and it is inevitable that the number of international arbitration cases will increase dramatically. |
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19 October
Moving the International Arbitration (Amendment) Bill was Law Minister K Shanmugam. The Bill introduces three key amendments, including court-ordered interim measures for arbitration outside Singapore and modernising the definition of an "arbitration agreement" to cover "electronic communications".
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19 October
Mr Tharman also moved the second reading of the Quorums of Statutory Boards (Miscellaneous Amendments) Bill to review and enhance governance structures and processes across the Public Service. The Bill, which was passed without debate, sets a requirement of "one-third of the total number of members or 3 members, whichever is higher" for Board meetings of all statutory boards. |
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19 October
Summing up debate on the Income Tax (Amendment) Bill, Mr Tharman said that the US and Singapore are keen to explore comprehensive DTA and the process is expected to get underway next year. He added that the diversity of international fiscal and tax systems is a strength of the world economy and there is no reason for countries to adopt protectionist measures against Singapore as it is a jurisdiction committed to international cooperation. |
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19 October
Raising concerns on the Income Tax (Amendment) Bill, West Coast GRC MP Ho Geok Choo said to prevent information extracting exercises, the Bill should stipulate that the requesting country exhaust all possible means by all its authorities before approaching Singapore for information. She also asked if the Bill's definition of "public interest" is of the same meaning as "public policy" as defined by the OECD. |
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19 October
Supporting changes in the Income Tax (Amendment) Bill, Holland-Bukit Timah GRC MP Liang Eng Hwa said implementation of the exchange of information (EOI) is a step in the right direction if Singapore wants to build a respected tax regime that is sustainable. However, he warned against disguised protectionism when countries seek information under EOI and asked for safeguards against 'fishing expeditions' to be made more explicit. |
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19 October
Finance Minister Tharman Shanmugaratnam moved the second reading of the Income Tax (Amendment) Bill which seeks to augment the ability of the Comptroller of Income Tax in complying with requests for information under certain avoidance of double taxation arrangements entered into by Singapore. MOF has revised the Bill to incorporate the feedback received during public consultation. |
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19 October
During Q&A session in Parliament on Monday, MICA's Acting Minister Lui Tuck Yew addressed the issue of competition in the local media market. He said the landscape for pay-TV market is still evolving, so it is inappropriate to conclude that the market is too small to sustain competition. He added that MDA does require certain key sporting events to be made available on free-to-air MediaCorp TV channels. |
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