The Forum on Harmful Tax Practices (FHTP) has on 16 October 2017 released a progress report on its assessment that Singapore’s tax incentives satisfy the international standards on countering harmful tax practices under the OECD/G20 BEPS project.
In June 2016, Singapore joined the Inclusive Framework for the global implementation of the BEPS project. To date, Singapore has implemented all of the four internationally-agreed standards under the BEPS project:
- Participated in the FHTP’s peer review of tax incentives;
- Signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting;
- Implemented Country-by-Country Reporting for financial years starting on or after 1 January 2017, and signed the Multilateral Competent Authority Agreement for automatic exchange of Country-by-Country Reports; and
- Volunteered to be among the first few jurisdictions in Asia to undergo peer review on its implementation of the Mutual Agreement Procedure (MAP). MAP is provided in tax treaties for resolving tax disputes. Effective dispute resolution can help bring certainty and facilitate cross-border investment and trade flows.
Source: Ministry of Finance, 16 October 2107