Singapore’s Ministry of Finance (MOF) published on November 17 a summary of its responses to a public consultation on the Draft Income Tax (Amendment) Bill 2016, indicating which commentator suggestions have been accepted and rejected. See: Summary of Responses.
India is attempting to renegotiate tax treaties with Germany, France, Singapore, Italy, and South Korea to add corresponding adjustment provisions so that India can sign bilateral advance pricing agreements (APAs) involving these nations, writes Vrishti Beniwal in an August 26 Business Standard article, quoting unnamed Finance Ministry officials. See, Business Standard
Singapore and Uruguay signed a tax treaty on January 15, Singapore’s Inland Revenue Authority has announced. The agreement clarifies . . .
Singapore’s Ministry of Finance (MOF) on Sept. 24 released its response to pubic consultations on the draft Income Tax (Amendment) Bill 2014. The MOF said it would adopt 32 stakeholder suggestions, including widening the scope of the draft law’s antiavoidance provisions applicable to FATCA reporting obligations and changing aspects of the productivity and innovation credit scheme. See, release, annex.
Singapore and Rwanda, on August 26, signed an agreement for the avoidance of double taxation. The agreement provides for a withholding tax rate of 7.5 percent on dividends and 10 percent on interest (zero in the case of a governmental institution), royalties, and professional fees. It also provides for the exchange of information for tax purposes. The agreement will enter into force after its ratification by both countries. Release, Singapore-Rwanda treaty
The Inland Revenue Authority of Singapore (IRAS) on January 6 released updated transfer pricing guidance in an e-Tax Guide, consolidating four previous e-Tax Guides into the document. The 102 page document discusses the application . . .
Singapore’s Finance Minister and Deputy Prime Minister, Tharman Shanmugaratnam, released of the country’s Budget 2015 on February 23. Business will benefit from the budget’s extension of the 30% corporate income . . .
Government representatives of Singapore and Seychelles, on July 9, signed an Agreement for the Avoidance of Double Taxation in New York. Under the agreement, the withholding tax on dividends is reduced to 12 percent and the withholding tax on royalties is reduced to eight percent. The agreement also provides for the exchange of tax information. Agreement, Press release.
Singapore and Russia have signed a protocol amending to their tax treaty . . .
ngapore and Thailand signed a new tax treaty June 11, agreeing to lower the withholding tax rates . . .
An agreement for the avoidance of double taxation between Singapore and Liechtenstein, signed June 27, entered into force on July 25. The treaty provides for exchange of tax information on request, and lowers withholding taxes on dividends to zero, on interest to 12 percent, and on royalties to eight percent. Treaty
Singapore’s government has launched a public consultation on proposed regulations that would help financial institutions comply with the US Foreign Account Tax Compliance Act (FATCA). Singapore has substantially concluded a Model 1 Intergovernmental Agreement with the US, which will be signed in the fourth quarter of 2014. Release
The Inland Revenue Authority of Singapore (IRAS) on April 17 updated information on its website concerning FATCA reporting. Changes were made to information on . . .
Tax officials from 21 Asia Pacific countries and organizations attended an OECD regional network meeting on base erosion and profit shifting (BEPS) designed to give more nations a voice in the development of OECD/G20 base erosion profiting shifting (BEPS) plan output. The meeting, held February 12–13 in Seoul, also . . .
Baker Tilly TFW has announced that Loh Eng Kiat has joined the firm tax team as of August 11. release
The magnitude of profit shifting by American companies “may be significant,” a US Congressional Research Service (CRS) report has concluded. The report, released April 30, found that about 50 percent of the $1.2 trillion in overseas profit reported by American . . .
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 . . .
Singapore and France have signed a revised tax treaty, Singapore’s the Ministry of Finance and France’s Ministry for Finance and Public Accounts said in a joint statement January 16. The agreement lowers . . .
Singapore and the US on December 9 signed a FATCA Model 1 Intergovernmental Agreement (IGA), following the initialing of the agreement May 5, the Inland Revenue Authority of Singapore has announced. The IGA is designed to simplify FATCA information reporting for Singapore financial institutions. See, Singapore release.
Inland Revenue of Singapore, on May 19, released a tax guide for issuers, investors, and potential investors of hybrid instruments. The guide lists the factors the Comptroller of Income Tax (CIT) considers to determine if an instrument is classified as debt or equity and describes the income tax treatment of such instruments. The guide also clarifies that an advance ruling can be obtained from the CIT on the tax treatment of a hybrid instrument. IRAS e-Tax Guide
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