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SINGAPORE: Singapore will be amending its laws to better align with international tax standards.
This is expected to get Singapore off the so-called "grey list" of tax havens by the Organisation for Economic Cooperation and Development (OECD).
Being on the list means Singapore has agreed to the international tax standard, but has yet to substantially implement the measures required.
Speaking in Parliament on Thursday, Second Minister for Finance Lim Hwee Hua said her ministry is working on the draft legislative amendments, which will be put out for public consultation by mid-year.
The proposed changes will enhance information exchange between Singapore and countries which have signed bilateral Avoidance of Double Taxation Agreements with the city state.
The Finance Ministry said Singapore is also in talks with several countries to update the agreements.
- CNA/yt
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