MAS tweaks Singapore's tax framework

Exchange of information extended to 11 jurisdictions.

According to Mr Lee Boon Ngiap, Assistant Managing Director of the Monetary Authority of Singapore, Singapore is significantly strengthening its framework for international cooperation to combat cross border tax offences.

Speaking at the ABS Financial Crime Seminar 2013, Mr Ngiap said Singapore is making legislative amendments to extend exchange of information (EOI) assistance in accordance with internationally agreed standards to all Singapore's existing tax treaty partners, without having to update individual bilateral tax agreements.

Additionally, Singapore has also signed the Convention on Mutual Administrative Assistance in Tax Matters, further expanding its network of EOI partners by 11 jurisdictions.

"Taken together, these two changes will significantly increase the number of jurisdictions that Singapore will be able to exchange information with under internationally agreed standards," he concluded.

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