Singapore to sign instrument to implement tax treaty measures against base erosion, profit sharing

SINGAPORE will sign on Wednesday an instrument to implement tax treaty measures to prevent base erosion and profit shifting.

The instrument is known as the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting.

It will be signed in Paris by Sim Ann, Senior Minister of State for the Ministries of Culture, Community and Youth, and Trade and Industry.

The Ministry of Finance (MOF) said in an announcement on Wednesday: "Singapore continues to build on its commitment to the principle behind the Base Erosion and Profit Shifting project, which is that profits should be attributable to the jurisdiction where the substantial economic activities giving rise to the profits are conducted."

Singapore is said to be among the earliest non-OECD, non-G20 jurisdictions to have joined the Inclusive Framework on BEPS in June 2016.