International Standards on Exchange of Information Rates Singapore as Overall Compliant
The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) has rated Singapore’s exchange of information upon request regime as being overall compliant with international tax transparency standards. This assessment is conducted via a peer review process of Singapore’s exchange of information regime by the Global Forum. Currently, it has more than 150 members in its jurisdiction.
The rating received by Singapore is the highest overall rating that a jurisdiction can receive. This serves to affirm that Singapore’s regime for exchange of information on request (EOIR) is not only transparent, but fully compliant with internationally agreed upon standards.
Singapore was assessed by the Global Forum based on the following regime and criteria:
- Adequate supervisory and enforcement measures were conducted to ensure relevant information is available in practice as required.
- Singapore has the appropriate legislations that require availability of all relevant information which includes:
- Beneficial owners
- Relevant entities
- EOI partners view Singapore as a reliable and important partner.
- EOI was conducted by Singapore in a timely and effective manner with its EOI partners.
- Singapore’s tax authority’s powers of access are broad. This allows for provisions of various requested information to its EOI partners to be compliant with the set standards.
Singapore was delighted to receive such an outcome, as it was in line with the country’s commitment to multilateralism. Singapore is committed to upholding international tax standards and its strong rule of law domestically. The Minister of Finance for Singapore gave the assurance that the country will continue to remain firm to its commitment to international tax transparency standards to help combat cross border tax evasion.
About the Global Forum
The Global Forum is a leading multilateral tax body. It has a mandated responsibility to ensure that jurisdictions worldwide adhere to and effectively implement the standards set for international tax transparency. It operates under the OECD’s auspice.
The Global Forum works to achieve its objectives by robustly monitoring and conducting in-depth peer reviewed processes by its members. The peer review process works to evaluate the jurisdictions’ compliance with the international standard of transparency on EOIR. The standard provides for exchange on request of information foreseeably relevant for carrying out the provisions of a tax agreement, or to the administration or enforcement of the domestic tax laws of a requesting jurisdiction.
Jurisdictions will be peer-reviewed periodically. The last peer review which was conducted on Singapore was in 2013, carried out by the Global Forum.
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