Singapore Legislates For Automatic Tax Info Exchange
Singapore's Ministry of Finance has released for public comments the draft Income Tax (Amendment No.2) Bill 2016, which would enable Singapore to automatically exchange tax-related information with other countries under the OECD's Common Reporting Standard (CRS).
The draft Bill provides that existing provisions in the Income Tax Act governing automatic exchange of financial account information, which were introduced to implement the Singapore/US Foreign Account Tax Compliance Act, would also extend to information exchanged under the Standard. This would enable Singapore to sign competent authority agreements (CAAs) with other jurisdictions to implement the Standard, the Ministry noted.
Once enacted, the Bill would require and empower all financial institutions (FIs) to collect and retain the CRS information for all non-Singapore tax residents, instead of only from tax residents of jurisdictions with which Singapore has a CAA. The draft Bill also proposes to empower the Inland Revenue Authority of Singapore with necessary powers, including the power to mandate electronic filing of returns and information to effectively implement the Standard.
More than 95 jurisdictions have committed to implement the Standard, including Luxembourg and Switzerland. Singapore intends to commence exchange of information under the Standard in 2018.
The consultation will close on March 16.
Quantum Auditors & 123 Consulting joins TGS Global Network
TGS are proud to be in South Africa with our most recent member, Quantum Auditors / 1.2.3. Consulting. With offices situ
Massie Turcotte joins TGS Global Network
TGS are proud to announce a new member in Canada. Massie Turcotte gives TGS a presence that stands out from other
PGK Consultores joins TGS Global Network
TGS is delighted to announce the membership of PGK Consultores, Argentina. PGK is a dynamic firm whose partners began th
Garssa Consulting has joined the TGS Global Network
TGS welcome Garssa Consulting to TGS. In 2012, Garssa Consulting saw a gap in the Colombian market and established a hig
Nakamoto & Company has joined the TGS Global Network
We are delighted to welcome our first Japanese member firm, Nakamoto & Company / Nakamoto International Tax Corporat