Ministry of Finance (MOF) of Singapore’s launched a public discussion regarding suggested modifications in the draft Income Tax (Amendment) Bill 2013 relating to the recent changes made to the Exchange of Information (EOI) regime.
The Monetary Authority of Singapore and the MOF previously involved the financial industry in discussions on the United States Foreign Account Tax Compliance Act (FATCA) changes earlier in 2013, and the changes to Singapore’s EOI regime were subsequently announced in May this year. Now for further step the MOF is seeking feedback by July 31, 2013 on the proposed legislative amendments to effect these changes.
However, the Organization for Economic Cooperation and Development (OECD) has been encouraging the conclusion of agreements on the exchange of tax information globally. This is seen as an important element in the plan to combat artificial tax avoidance and tax evasion.
