News

Singapore joins OECDs multilateral tax convention

On May 1st 2016 the OECD (Organisation for Economic Cooperation and Development) implemented a convention on Mutual Administrative Assistance relating to tax matters in Singapore, effectively establishing these requirements on a multilateral level.


10 firms in Singapore have each been fined up to almost half a million Singapore dollars by the Competition Commission of Singapore (CCS) in what is the first official instance of anti-competition in the financial services sector.


This week, Parliament in Singapore passed an amendment to the Economic Expansion Incentives Act, which will extend the maximum potential tax relief period for companies if they base their long-term operations in Singapore, which will effectively increase incentives for more direct foreign investment into the economy.


The IRS (Inland Revenue Service) in the US has ordered a subpoena which enforces a court order for the Swiss bank UBS to disclose records on a Singapore bank account owned by an American currently residing in China.