The Inland Revenue Authority of Singapore (IRAs) has provided information about how the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) will affect 14 of its bilateral tax treaties.
IRS provided details about the MLI’s affect on Singapore’ s tax treaties with the following countries: Australia, Austria, France, Israel, Isle of Man, Japan, Jersey, Lithuania, Malta, New Zealand Poland, Slovak Republic, Slovenia, United Kingdom.
The information is provided in the annexes to each of the treaties.
The MLI entered into force with respect to the 14 Singapore tax treaties on April 1, the tax agency said.
Singapore ratified the MLI December 21, 2018.
Designed by OECD and G20 countries, the MLI is designed to allow countries to swiftly implement provisions of the OECD/G20 base erosion profit shifting (BEPS) plan in to tax treaties. The BEPS provisions aim to curb tax avoidance and improve cross-border tax dispute resolution.