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

Published Mon, May 9, 2016 · 09:50 PM

Singapore

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.

"The set of amendments allows Singapore to implement the Common Reporting Standard (CRS), an internationally agreed standard for automatic exchange of financial account information (AEOI)," Senior Minister of State for Finance Indranee Rajah told Parliament on Monday when she tabled the Income Tax (Amendment No 2) Bill for its second reading.

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