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Serious Common Reporting Standard - Automatic Exchange of Financial Account Information

Hangover

Alfrescian
Loyal
Indonesia to start tracing & taxing undeclared assets after tax-amnesty

Indonesia’s government has issued new regulations aimed at tracing and taxing the wealth of taxpayers who were not pardoned in the nine-month tax amnesty that ended in March.

Around 972,000 taxpayers joined the amnesty programme and declared assets worth a total of 4,881 trillion rupiah (S$496 billion). About 24 per cent of that was held offshore, said to be mostly in Singapore. Only a small percentage was pledged to be brought back home.

“Given that condition, after the tax amnesty programme ended, it must be followed by law enforcement in the taxation field,” it said. The regulation calls for all assets that were not reported or were misreported in the amnesty programme, and which were obtained between Jan 1, 1985 and Dec 31, 2015, to be treated as untaxed income. http://www.todayonline.com/world/asia/indonesia-trace-and-tax-assets-kept-hidden-during-amnesty



Automatic Exchange of Financial Account Information in Tax Matters - Singapore has concluded the treaty with 24 major trading partners but not Malaysia and Indonesia yet.
 

johnny333

Alfrescian (Inf)
Asset
Spore & Australia have also agreed to share $ info.

I wonder why the PAP are not interested in the laundry business:confused:
 

Hangover

Alfrescian
Loyal
Spore & Australia have also agreed to share $ info.

I wonder why the PAP are not interested in the laundry business:confused:

Hi John,
Australians can continue to hide their un-taxed money here. Australian corporations can do re-invoicing here, Aussie individuals can set up Samoa or Mauritius offshore companies (risky domiciles) but holds bank accounts in safe Singapore to park their $$$ or hold properties. These proxies are not covered by the CRS, unless you are involved in some Interpol crimes.
 

greedy and cunning

Alfrescian
Loyal
Singapore is ranked in fourth position on the 2015 Financial
Secrecy Index, behind Switzerland, the U.S. and Hong Kong.
It has a fairly high secrecy score of 69 and accounts for a large
and growing share – over four percent – of the global market for
offshore financial services.
As of October 2015 it was not one of 61 jurisdictions
that had signed the multilateral agreement for the OECD’s
Common Reporting Standards.
Singapore is not only a secrecy jurisdiction, offering a
range of secrecy facilities, but also a tax haven,
providing numerous tax avoidance and evasion opportunities.

Cambridge economist Ha-Joon Chang said :
“If you only read things like The Economist or the Wall St. Journal,
you would only hear about Singapore’s free trade policy and its welcoming
attitudes to foreign investment. This may make you conclude that Singapore’s
economic success proves that free trade and the free market are the best
for economic development – until you also learn that almost all the land in
Singapore is owned by the government, 85 percent of housing is supplied by
the government-owned housing agency, and 22 percent of national output is
produced by state-owned enterprises (the international average is around 10 percent.
There is no single type of economic theory – Neoclassical, Marxist, Keynesian, you
name it – that can explain the success of this combination of free market and socialism.”

Singapore has quite a wide array of tax treaties with
other countries, and, partly as a result of this, it has become a
major turntable for so-called ‘round-tripping’ into and out of India
and other countries, competing against other centres
like Mauritius. Round tripping occurs when an investor from,
say, India, sends capital to Singapore, where it is hidden behind
legal secrecy and subsequently returned to India via
a Singaporean shell company, disguised illegally as foreign investment,
in order to obtain tax and other benefits from the tax treaty that
would not otherwise have been available to the Indian investor.
Singapore also offers plenty of opportunities for other kinds
of tax arbitrage.
In addition to this ‘conventional’ dirty money,
Singapore has sought to provide a regulatory
haven to help financial sector players escape
financial regulations elsewhere.
 
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