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Fight against tax evasion to get wider powers

Wider Approach allows financial firms to collect, retain Common Reporting Standard data for all non-S'pore tax residents

"The set of amendments allows Singapore to implement the Common Reporting Standard, an internationally agreed standard for automatic exchange of financial account information." - Ms Indranee


PARLIAMENT has given the green light for changes to be made in the tax laws to pave the way for Singapore to join the international fight against tax evasion - changes that will also empower financial institutions in Singapore to report on all foreign money parked here.