MOF seeks feedback on changes to income tax bill

MOF seeks feedback on changes to income tax bill

SINGAPORE - The Ministry of Finance (MOF) is conducting a public consultation on the proposed amendments in the draft Income Tax (Amendment) Bill 2013.

This is in light of the recent changes they have made to the Exchange of Information (EOI) regime, which includes measures taken to strengthen Singapore's framework for international tax cooperation.

The proposed amendments includes measures such as allowing IRAS to obtain bank and trust information from financial institutions for EOI purposes without seeking a court order.

Singapore will also be able to extend EOI assistance to all her existing tax agreement partners, without having to update individually her bilateral tax agreements with them.

The amendments will allow Singapore to conclude an intergovernmental agreement with the US. The agreement's implementation will allow Singapore financial institutions to comply with the Foreign Account Tax Compliance Act (FATCA).

MOF and the Monetary Authority of Singapore (MAS) have engaged the financial industry on the FATCA changes earlier this year.

The changes to the EOI regime were subsequently announced to the public on May 14, 2013.

MOF is now seeking feedback from the public on the proposed legislative amendments. The consultation documents for the draft Income Tax (Amendment) Bill 2013 can be accessed on the Ministry of Finance's website (www.mof.gov.sg) and the REACH consultation portal (www.reach.gov.sg).

Respondents may send their comments to the Ministry of Finance directly via the website, email, fax or post.

The consultation will be held from July 18 to July 31, 2013.

jeankng@sph.com.sg

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