The OECD/G20 base erosion profit shifting (BEPS) project work should not be used to adopt protectionist measures, Josephine Teo, Singapore Minister of State for Finance and Transport, said on April 16.
“It is critical for the reforms to the global tax system to be carried out in a way that continues to accommodate legitimate business models, promotes global economic growth and trade, and not be used as a disguise for protectionism.
“Put in another way, even as we tackle harmful tax practices, we must take care to preserve useful and beneficial ones,” Teo said, speaking at the Tax Academy & IFA Singapore Asia-Pacific Regional Tax Conference.
Teo also said that unilateral action by countries to combat BEPS should be avoided and that Singapore intends to keep its tax burden low to continue to encourage enterprise, savings, and investment in the country.
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