Channel NewsAsia
Updated: 05/10/2013 00:27 | By Channel NewsAsia

S'pore to work with international community to fight cross-border tax offences

S'pore to work with international community to fight cross-border tax offences


S'pore to work with international community to fight cross-border tax offences

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

The Inland Revenue Authority of Singapore, the Ministry of Finance and the Monetary Authority of Singapore said this in a joint statement on Thursday.

The three government agencies said "we stand ready to partner the tax authorities of Australia, UK and US in the investigation of structures that may be involved in wrongdoing".

They also pointed out that 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," the statement added.

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' 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. - CNA/al

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