Singapore is set to adopt the OECD’s Automatic Exchange of Information Standard (AEOI) by 2018 with the aim to tackle offshore tax evasion, said Tharman Shanmugaratnam, the country’s finance minister.
AEOI concerns regular exchange of information between jurisdictions for tax purposes, with the aim to identify and prevent offshore tax evasion.
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The move is targeted at maintaining the Republic’s reputation as a trusted financial centre, strengthen its framework for international cooperation and combat cross-border financial crime, said the minister.
Finance ministers and tax chiefs from 51 countries have already signed the new OECD pact last week.
Singapore implemented new rules in 2013 to make tax evasion a criminal offence under its money laundering rules and has agreed to previous OECD standards related to tax transparency.
However, Shanmugaratnam added that Singapore will share information with countries only if they maintain the confidentiality of the data provided and offer reciprocity.
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