Reuters: Singapore to become more tax compliant - Spear's Magazine

Reuters: Singapore to become more tax compliant

TOKYO, April 27 (Reuters) – Singapore will revise its laws this year to improve disclosure on foreigners evading income taxes in their home countries, its finance minister told his Japanese counterpart, a Japanese Finance Ministry official said.

TOKYO, April 27 (Reuters) – Singapore will revise its laws this year to improve disclosure on foreigners evading income taxes in their home countries, its finance minister told his Japanese counterpart, a Japanese Finance Ministry official said.

Singapore agreed at the beginning of March to bring its tax laws in line with Organisation for Economic Cooperation and Development (OECD) standards after the Paris-based group put it on a “grey list” of countries that have not signed international accords to combat tax evasion.

Japanese Finance Minister Kaoru Yosano welcomed Singapore Finance Minister Tharman Shanmugaratnam’s pledge, the official told reporters after the two met on Monday.

World leaders said at a Group of 20 summit this month that they would crack down on tax havens, including sanctions against non-cooperative jurisdictions, by using information from the OECD.

To read the full article, visit reuters.com



 

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