The Inland Revenue Service of Singapore today announced it is seeking public feedback on whether advance tax rulings should be made public while protecting the confidentiality of taxpayers’ identities and business arrangements.
IRAS is conducting a Taxpayer Survey, on the topic, which will be open until April 30.
In 2014, IRAS conducted a similar public survey to gather views from members of the public on the usefulness of publishing IRAS’ advance rulings on IRAS’ website. IRAS decided to not make the rulings public, instead publishing e-Tax Guides to set out the tax treatment of general tax issues.
In 2016, however, IRAS commissioned the Study of the Tax Ecosystem and Practices in Singapore, which conducted a holistic review of the tax ecosystem. This study recommended publication of private rulings, causing IRAS to again consider this issue.
The US is among countres that publish private tax rulings with information omitted to protect the identity of the ruling applicant.
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