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Singapore celebrates the passing of tax cheats standard

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By: Pham Huynh Thao Quyen

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The skyline in Singapore where the city-state has passed a law aimed at closing loopholes for tax cheats

SINGAPORE-Singapore has passed a bill by the Organisation of Economic Cooperation and Development’s (OECD) to be confirmed as a country with high transparency in tax system.

‘This enhanced scope of cooperation will not only allow Singapore to provide greater assistance to its prescribed treaty partners, but also help Singapore obtain information for the enforcement of our domestic tax laws,’ Finance Minister Tharman Shanmugaratnam told Parliament.

Singapore government has seen the most reliable sign in the economic recovery and they know more needs to be done to sustain its economy. Under pressure from the G20, Singapore passed a bill in Parliament on Monday to comply with OECD standards to fight cross border tax evasion.

The Republic is ready for the “booming” again of their economy after recession.

“I do believe that passing the bill will boost Singapore economy to a higher level of trust. We are in the “white list” now and we should be proud of this.”-said Atlee Young, a businessman from NTUC.

Passing the bill not only benefits the economy alone, it also creates more chances for other segments such as education, tourism to culture industry due to its thriving economy.

“I hope to see an increased number of tourists coming here after this event because I really think that Singapore now has created a more positive impression for foreigners. They come here as a traveller first but many of them are really potential investors”-said Tracy, a staff of Singapore Tourism Board.

Banking transparency is a key element for sustainable development. The OECD has three lists: black, grey and white, with countries ranked on their willingness to stick to its standards. Singapore used to be put under “grey list” last year by this organization.

Countries that are put under “black list” are those do not commit to implement the internationally agreed tax standards. “Grey list” countries, such as Singapore, are those who committed to the standards but have yet to fully implement them while the ”whites list” countries have fully implemented organization standards.

Finance Minister Tharman Shanmugaratnam said yesterday that passing the bill is a positive sign for the sustainable growth of Singapore economy. Transparency in information exchange between business partners will boost the economy to a higher level of trust. This in turn will give investors confidence for Singapore in the long term.

Watch the Video of S’pore committed to Standard for exchange of tax (Channelnewsasia.com)

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Written by mtrayu

November 8, 2009 at 5:10 pm

Posted in Home, Online News

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