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Public Consultation on Amendments to the Income Tax Act to Incorporate Changes to our Exchange of Information (EOI) Regime

18 July 2013

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INTRODUCTION

  1. The Ministry of Finance is conducting a public consultation on the proposed amendments in the draft Income Tax (Amendment) Bill 2013. These legislative amendments relate to the Ministry of Finance’s 14 May 2013 press release announcing the measures that Singapore will be making to its Exchange of Information (EOI) regime to strengthen its framework for international tax cooperation.

SCOPE OF THE CONSULTATION EXERCISE

  1. The key changes in these proposed legislative amendments under the draft Income Tax (Amendment) bill are:

  2. The summary table provides a brief description of the tax changes and explains the amendments to the Income Tax Act. Please refer to the draft Income Tax (Amendment) Bill and its accompanying Explanatory Statement for details.

GUIDELINES

  1. We welcome your feedback to ensure that the changes that we will be making will lead to a smooth implementation of our EOI regime. Respondents are requested to observe these guidelines:

  2. This draft legislation is released only for the purpose of consultation and should therefore not be used for individual or business decisions as it does not represent the final legislation or regulations. All comments received during the consultation exercise will be reviewed thoroughly and, if accepted, will be incorporated in the Bill for introduction in Parliament.

PERIOD OF CONSULTATION

  1. The draft Income Tax (Amendment) Bill 2013 is open for public consultation from 18 July to 31 July 2013. We regret that comments received after 31 July 2013 will not be considered as they will not be in time for incorporation into the final Bill.

FEEDBACK CHANNEL

  1. We encourage all interested participants to submit your comments via our online submission form. The online submission form is the easiest and quickest way for your comments to reach us. You can also send us your comments, using the prescribed template, through:

SUMMARY OF RESPONSE

  1. We will publish a summary of the comments received on the Ministry of Finance’s website, together with our responses, by the end of August 2013. The identity of respondents will not be disclosed in the summary.

DOCUMENTS TO DOWNLOAD

  1. For further reference, please click here to download the relevant documents for this public consultation exercise.

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