Pressured by OECD, S’pore vows to change
tax laws to remove havens
http://www.google.com/hostednews/afp/article/AL…
Singapore vows to change tax laws to remove havens
4 hours ago
SINGAPORE (AFP) — Singapore has vowed to
amend its tax laws within the year after being named in a list of
countries that have not yet fully implemented global standards
aimed at eliminating tax havens.
The Organisation for Economic Co-operation and Development
(OECD) last week said Singapore was one of the countries that had
not yet carried out their commitments to respecting global
standards on exchanging tax information.
Singapore “intends to implement the standard by effecting
legislative amendments later this year,” a finance ministry
spokesperson said in reply to a query from AFP at the weekend.
The OECD, which groups the world’s leading
developed nations, listed 38 countries and territories that “have
committed to the internationally agreed tax standard, but have not
yet substantially implemented” the measures.
As well as Singapore the list also includes Belgium, Brunei,
Chile, the Dutch Antilles, Gibraltar, Liechtenstein, Luxembourg,
Monaco, Switzerland and Caribbean island nations including the
Bahamas, Bermuda and the Cayman Islands.
The OECD released the list after the Group
of 20 summit in London agreed to crack down on tax havens.
“As expected, Singapore has not been classified by the
OECD as a tax haven but as a financial centre
that has committed to the internationally recognised tax standard,”
the Singapore finance ministry said.
“This recognises that Singapore has endorsed the OECD standard for the exchange of information through
Avoidance of Double Taxation Agreements (DTAs), and intends to
implement the standard by effecting legislative amendments later
this year and negotiating and concluding relevant DTAs.”
It added that “Singapore’s position in this regard is no
different from that of other major financial centres such as Hong
Kong, Switzerland and Luxembourg, which the OECD has similarly recognised as jurisdictions that have
committed to implementing the OECD
standard.”
—-—-—-—-—-—-—--
Latest Updates At Singapore News Alternative:
1. Crunch time for Singapore retailers
2. Despite observation, Spore denies safety fear over port
overcrowding
3. Swiss International Air Lines to pull out of Spore on 25 Apr
09
4. Despite observation, Singapore denies safety fears over port
crowding
5. A*STAR Joins Forces With Swiss Company, Cytos, To Combat (human)
Hand, Foot And Mouth Disease
6. Singapore c.bank to unveil monetary policy April 14
.
