SINGAPORE RATIFIES THE MULTILATERAL CONVENTION TO IMPLEMENT TAX TREATY RELATED MEASURES TO PREVENT BASE EROSION AND PROFIT SHIFTING
1. On 21 December 2018, Singapore deposited the Instrument of Ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“the Multilateral Instrument”). The Multilateral Instrument, signed by Singapore on 7 June 2017, will enter into force for Singapore on 1 April 2019.
2. Singapore is committed to the Base Erosion and Profit Shifting (BEPS) project and does not condone abuse of Avoidance of Double Taxation Agreements (DTAs). Ratifying the Multilateral Instrument is an important step in protecting our treaty network against BEPS activities.
3. The Inland Revenue Authority of Singapore will clarify on its website how each relevant DTA will be amended by the Multilateral Instrument.
For more information on Singapore’s signature of the Multilateral Instrument, please refer to our press release issued on 7 June 2017: Singapore to sign the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting.
For more details on the Multilateral Instrument, please refer to the Inland Revenue Authority of Singapore’s website.
Ministry of Finance
21 December 2018