http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_382814.html
Move to get off tax grey list
By Francis Chan
AMENDMENTS to align the tax code with new international standards are being studied and will be aired for public consultation as early as next month, said Second Finance Minister Lim Hwee Hua.
Mrs Lim was responding to questions in Parliament on Thursday on what the Government is doing to get off a 'grey list' compiled by the OECD (Organisation for Economic Cooperation and Development.
The list details nations it considers to be lax on sharing information on tax and so hampering efforts to curb avoidance.
'We discussed this issue in Parliament in February this year, and the Government gave clear indication of its intention to endorse the OECD Standard,' said Mrs Lim.
'We decided to do so as the OECD standard had become an internationally accepted benchmark following its endorsement by the UN Committee of Tax Experts (on International Cooperation in Tax Matters) in October 2008.'
OECD has drawn up black, grey and white lists of countries based on their willingness to adhere to its standards.
Blacklisted nations were those that 'not committed to implement the internationally agreed tax standard'.
The grey, a list that contains Singapore, were said to be committed to the standards but had yet to fully implement them while the 'whites' have largely enforce the international rules.
Uruguay, Costa Rica, Malaysia and the Philippines were originally blacklisted but have since been moved to the greys after they said they would put things right.
The 40-strong white list includes Britain, China, France, Germany, Russia and the United States.
Singapore remains one of almost 40 countries singled out by the OECD as having agreed to comply but have yet to figure out how to satisfactorily share bank information with foreign tax authorities.
Read the full report in Friday's edition of The Straits Times.
Move to get off tax grey list
By Francis Chan
AMENDMENTS to align the tax code with new international standards are being studied and will be aired for public consultation as early as next month, said Second Finance Minister Lim Hwee Hua.
Mrs Lim was responding to questions in Parliament on Thursday on what the Government is doing to get off a 'grey list' compiled by the OECD (Organisation for Economic Cooperation and Development.
The list details nations it considers to be lax on sharing information on tax and so hampering efforts to curb avoidance.
'We discussed this issue in Parliament in February this year, and the Government gave clear indication of its intention to endorse the OECD Standard,' said Mrs Lim.
'We decided to do so as the OECD standard had become an internationally accepted benchmark following its endorsement by the UN Committee of Tax Experts (on International Cooperation in Tax Matters) in October 2008.'
OECD has drawn up black, grey and white lists of countries based on their willingness to adhere to its standards.
Blacklisted nations were those that 'not committed to implement the internationally agreed tax standard'.
The grey, a list that contains Singapore, were said to be committed to the standards but had yet to fully implement them while the 'whites' have largely enforce the international rules.
Uruguay, Costa Rica, Malaysia and the Philippines were originally blacklisted but have since been moved to the greys after they said they would put things right.
The 40-strong white list includes Britain, China, France, Germany, Russia and the United States.
Singapore remains one of almost 40 countries singled out by the OECD as having agreed to comply but have yet to figure out how to satisfactorily share bank information with foreign tax authorities.
Read the full report in Friday's edition of The Straits Times.
