The Ministry of Finance announced on 16 June 2016, that Singapore will join the inclusive framework for the global implementation of the Base erosion and profit shifting (BEPS) Project. Under this framework, all state-and non-state jurisdictions that commit to the BEPS Project will participate as BEPS Associates of the OECD’s Committee on Fiscal Affairs. Singapore is committed to implementing the four minimum standards under the BEPS Project, namely the standards on countering harmful tax practices, preventing treaty abuse, transfer pricing documentation and enhancing dispute resolution.
The Ministry of Finance further announced that Singapore is planning to implement Country-by-Country Reporting (CbCR) for financial years beginning on or after 1 January 2017 for multinational enterprises whose ultimate parent entities are in Singapore and whose group turnover exceeds SGD 1,125 million. The CbC report is required to file with the Inland Revenue Authority of Singapore (IRAS) within 12 months from the last day of the financial year.
