Search

 

Cablegate: Singapore Tax Info Sharing Amendments Enter Into Force

VZCZCXYZ0006
RR RUEHWEB

DE RUEHGP #0176 0430934
ZNR UUUUU ZZH
R 120934Z FEB 10
FM AMEMBASSY SINGAPORE
TO RUEHC/SECSTATE WASHDC 7817
INFO RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHINGTON DC

UNCLAS SINGAPORE 000176

STATE PASS USTR

SENSITIVE

SIPDIS

E.O. 12958: N/A
TAGS: ECON EFIN EINV SN

SUBJECT: SINGAPORE TAX INFO SHARING AMENDMENTS ENTER INTO FORCE

REF: A) 09 SINGAPORE 623; B) 09 SINGAPORE 1016

1. (SBU) Amendments to Singapore's Income Tax Act went into force
February 9, putting into effect new exchange of information sharing
provisions that meet Organization of Economic Cooperation and
Development (OECD) standards. Singapore drafted the amendments
after the OECD included Singapore on a "grey list" of countries that
had endorsed internationally agreed tax standards, but had yet to
substantially implement them (ref A). The amendments enable
Singapore authorities to share tax information with countries with
which it has a Double Taxation Agreement (DTA), without regard for
whether it has a domestic tax interest.

2. (SBU) Since the OECD placed Singapore on its grey list in April
2009, Singapore has renegotiated 18 DTAs with other countries to
include the new exchange of information provisions. The OECD
required countries on the list to renegotiate at least twelve DTAs
in order to exit the list, a task Singapore accomplished in
November. With the tax amendments now in force, Parliament will
move soon to ratify the agreements, FOO Guozhi, Head of
International Tax at the Ministry of Finance told Econoff. Many of
the DTAs will come into force immediately thereafter, though Foo
said Singapore is still awaiting notification of ratification of the
agreements from some other signatories.

3. (SBU) With the passage of the income tax amendments and the new
exchange of information provisions, the GOS is hopeful that this
will remove one of the barriers toward negotiating a DTA with the
United States (ref B). Earlier discussions had foundered on a
number of issues, including exchange of information. Ministry of
Finance officials have told Emboffs that they see no barriers
remaining to completing an agreement with the United States.

SHIELDS

© Scoop Media

 
 
 
World Headlines

 

UN: Decades Of Health Gains At Risk In Brazil Due To COVID-19

Although COVID-19 cases are declining in Brazil, the pandemic is putting decades of public health gains there at risk, the head of the World Health Organization ( WHO ) said on Friday. With global attention and support focused this week ... More>>

UN Report: Myanmar Approaching Point Of Economic Collapse

The turmoil following the military coup in Myanmar, coupled with the impact of COVID-19 could result in up to 25 million people – nearly half of the country’s population, living in poverty by early next year, a United Nations report said on Friday. That ... More>>

World Vision: India’s Second Wave Shows The Global Fight Against COVID-19 Is Far From Won

As India’s COVID-19 daily infection rates reach devastating levels, international aid agency World Vision has warned that the world is nowhere near defeating this virus and some nations are yet to face their worst days. Andrew Morley, World Vision ... More>>

Focus On: UN SDGs

UN: Learning From COVID-19, Forum To Highlight Critical Role Of Science, Technology And Innovation In Global Challenges

New York, 4 May —To build on the bold innovations in science, technology and innovations that produced life-saving solutions during the COVID-19 pandemic, the UN will bring together experts to highlight measures that can broaden the development and deployment ... More>>

What COVID-19 Has Taught Us: “Healthcare Can No Longer Exist Without Technology”

A grandmother in a village in the Gambia should have the same quality of life and access to healthcare they deserve as in New York or London. Photo: InnovaRx Global Health Start-up Works To Bridge Healthcare Gap In The Gambia By: Pavithra Rao As ... More>>

UN News: Motherhood On The Brink In Yemen

War, a humanitarian crisis, a looming famine, a health system close to collapse and the deepening impact of the COVID-19 pandemic have led to a “catastrophic situation” in which a woman dies in childbirth every two hours in Yemen, according to the UN ... More>>