http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_347166.html
S'pore backs anti tax-evasion
SINGAPORE - SINGAPORE has agreed to endorse the Organisation for Economic Co-operation and Development (OECD) standard for the exchange of information through Avoidance of Double Taxation Agreements (DTAs), the Finance Ministry said.
The ministry planned to amend laws in the middle of this year before seeking a parliamentary approval, it said in a statement released late on Friday.
'The decision to endorse the OECD standard is in keeping with Singapore's role as a trusted centre for finance and a responsible jurisdiction, with strong and consistent regulatory policies and a firm commitment to the rule of law,' it said.
Singapore, which is trying to grow financial services to wean itself off its dependence on manufacturing, is targeted by a proposed new US anti-tax-abuse law as it has a hard line on bank secrecy.
Singapore Prime Minister Lee Hsien Loong said in December such toughened financial scrutiny in the West could lead to more European money flowing into the country, which could also put the country under pressure to comply with international practice.
The Finance Ministry statement said the standard was consistent with Singapore's system of banking confidentiality, which does not shelter criminals.
'The standard does not preclude countries from having such confidentiality or privacy safeguards, and some OECD countries in fact have such safeguards under their common or civil law systems,' the statement said. -- REUTERS
S'pore backs anti tax-evasion
SINGAPORE - SINGAPORE has agreed to endorse the Organisation for Economic Co-operation and Development (OECD) standard for the exchange of information through Avoidance of Double Taxation Agreements (DTAs), the Finance Ministry said.
The ministry planned to amend laws in the middle of this year before seeking a parliamentary approval, it said in a statement released late on Friday.
'The decision to endorse the OECD standard is in keeping with Singapore's role as a trusted centre for finance and a responsible jurisdiction, with strong and consistent regulatory policies and a firm commitment to the rule of law,' it said.
Singapore, which is trying to grow financial services to wean itself off its dependence on manufacturing, is targeted by a proposed new US anti-tax-abuse law as it has a hard line on bank secrecy.
Singapore Prime Minister Lee Hsien Loong said in December such toughened financial scrutiny in the West could lead to more European money flowing into the country, which could also put the country under pressure to comply with international practice.
The Finance Ministry statement said the standard was consistent with Singapore's system of banking confidentiality, which does not shelter criminals.
'The standard does not preclude countries from having such confidentiality or privacy safeguards, and some OECD countries in fact have such safeguards under their common or civil law systems,' the statement said. -- REUTERS
