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SINGAPORE - The Ministry of Finance (MOF) is proposing changes to Singapore's tax laws to meet the new internationally agreed standard on exchange of information for tax purposes.
The ministry is seeking comments from now till July 28 on the draft Income Tax (Amendment) (Exchange of Information) Bill, the MOF said in a statement.
The bill proposes amendments to the Income Tax Act, as well as the Goods & Services Act and Stamp Duties Act, to allow Singapore to enter into Avoidance of Double Taxation Agreements (DTAs) with other countries.
The changes will allow the Inland Revenue Authority of Singapore (IRAS) to provide information on local accounts to foreign authorities even if the request does not relate to a Singapore tax matter.
On March 6 this year, Singapore endorsed the Organisation for Economic Cooperation and Development's (OECD's) 2008 Standard for the effective exchange of information through DTAs.
The MOF said it decided to do so as the OECD standard has become an internationally agreed standard following its endorsement by the United Nations in October 2008.
It added that the "proposed amendments are in keeping with Singapore's status and reputation as a trusted and responsible business and financial hub".
"Such provisions will enhance the level of assistance that Singapore can provide to foreign jurisdictions under DTAs which incorporate the standard, and vice versa," the ministry said.
However, requests still need to be "clear, specific, relevant and consistent with the new internationally agreed standard". "The standard allows the requested jurisdiction to reject requests that are frivolous or spurious in nature or 'fishing expeditions' by the requesting jurisdictions."
The public can submit their comments directly to the Finance Ministry via its website, email, fax or post as well as the REACH consultation portal by July 28.
- CNA/al
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