4. Minister for Finance, Mr Heng Swee Keat, said: “We are glad to have such an outcome of Global Forum’s robust peer review of Singapore’s EOIR regime. This outcome is in line with Singapore’s commitment to multilateralism – we uphold international tax standards, just as we have a strong rule of law domestically. Singapore is and will remain firmly committed to the international tax transparency standards in combating cross border tax evasion”.
MINISTRY OF FINANCE
25 October 2018
The Global Forum, under the auspice of the OECD, is the leading multilateral tax body mandated to ensure that jurisdictions around the world adhere to and effectively implement the international tax transparency standards. This objective is achieved through a robust monitoring and an in-depth peer review process by its members.
The peer review process evaluates jurisdictions’ compliance with the international standard of transparency on EOIR. The standard provides for exchange on request of information foreseeably relevant for carrying out the provisions of a tax agreement, or to the administration or enforcement of the domestic tax laws of a requesting jurisdiction.
Jurisdictions are peer-reviewed by the Global Forum periodically. The last such peer review of Singapore by Global Forum was in 2013. You may refer to MOF’s press statement for more details: https://www.mof.gov.sg/Newsroom/Press-Releases/Global-Forum-Completes-Peer-Review-of-Singapore's-International-Tax-Cooperation-Framework.
The latest assessment is based on Global Forum’s updated standards called the 2016 Terms of Reference (“2016 TOR”), which forms the basis for the peer review. The 2016 TOR requires jurisdictions to be assessed on (a) availability of ownership, accounting and banking information; (b) access to information by IRAS; and (c) exchanging information with EOI partners in an effective manner.
The full peer review report on Singapore can be found at http://www.eoi-tax.org/jurisdictions/SG#peerreview.