LATEST changes to the local tax regime will see Singapore edge closer towards getting on a list of the world's leading tax jurisdictions.

The Income Tax (Amendment) (Exchange of Information) Bill, passed by Parliament yesterday, will allow Singapore to implement an internationally agreed standard for the exchange of information on tax matters.

That is key to getting out of a 'grey' list of nations committed to the standard but have yet to fully implement it.

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On the exchange of tax info

AMENDMENTS to the law have been made so that Singapore can implement the internationally-agree standard for the exchange of information for tax purposes upon request.

Until now, the Inland Revenue Authority could provide foreign jurisdictions with banking and trust information only for the purposes of investigating or prosecuting a suspected domestic tax offence.

From now on, Singapore can provide an enhanced level of assistance to foreign jurisdictions that also incorporate the internationally agreed standard.

However, the changes do not allow for "fishing expeditions".

Requests for information must be specific, detailed and relevant to the tax affairs of a given taxpayer.

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