Multilateral Tax Convention Becomes Law In Singapore

As of May 1, 2016 the Multilateral Convention on Mutual Administrative Assistance in Tax Matters  took effect  and  became the law of the land in Singapore. The Convention, developed jointly by the  Organization of Organization for Economic Cooperation and Development (OECD) and the Council of Europe in 1988. It was amended in 2010 to respond to a call by the Group of Twenty (G-20) nations that it be aligned to the new international standard on the automatic exchange of information and that it be opened up to all countries. And according to the OECD it “is the most comprehensive multilateral instrument available for all forms of tax co-operation to tackle tax evasion and avoidance, a top priority for all countries.”

The May 1 effective date comes some four months after Singapore ratified the Convention January 2016 and is part of effort to increase tax transparency and combating cross-border tax evasion in Asia’s top financial and business hub. The Convention will allow Singapore’s Inland Revenue Authority the ability to request information from other tax authorities, and seek assistance in collecting outstanding tax debts.

This move by the The Little Red Dot, as  Singapore is affectionately called, in my opinion has further strengthen its position as a global financial hub.

 

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About Ainsley Brown

Ainsley Brown is currently working as the Director of Trade, Regulatory, Analysis & Policy for the Jamaica Special Economic Zone Authority (JSEZA) and is called to the Bar of Upper Canada (Ontario), Canada. His primary role is to provide technical advice on regulatory matters and trade matters to the CEO and team at JSEZA. He holds a LLM in International Commercial Law (with Merit) from the University of Westminster, having earned a diploma in law from London Metropolitan University and a BA (Hons) in Political Science from the University of Western Ontario. Ainsley is the Administrator of Commercial Law International and has an avid interest in logistics, global value chains; economic development; trade; commercial awareness; green energy; rugby; etc.
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