S'pore fully committed to co-operating in fight against international tax offences

S'pore fully committed to co-operating in fight against international tax offences

Singapore is fully committed to working with the international community to fight cross-border tax offences.

The Inland Revenue Authority of Singapore (IRAS) said in a press statement today that they stand ready to partner the tax authorities of Australia, UK and US in the investigation of structures that may be involved in wrongdoing.

"We understand that the tax authorities of these countries are analysing their data to determine if such structures have been used for any wrongdoing.

"Singapore will assist them to the fullest extent possible under our laws and tax agreements. Our laws and tax agreements are in line with international standards, and allow for the exchange of information, including banking and trust information."

The Singapore authorities are also looking into whether any tax offences have been committed in Singapore.

They have started requesting these tax authorities for the data of entities linked to Singapore to be shared with Singapore.

As part of IRAS's ongoing programmes to ensure compliance with tax laws in Singapore, IRAS audits and conducts investigations into entities that use offshore structures to conceal income and avoid being taxed here.

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