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Singapore Signs Multilateral Competent Authority Agreements to Enhance Tax Co-operation on Exchange of Information
Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("MLI")
"In line with Singapore's commitment to implement the minimum standard on preventing treaty abuse, Singapore has participated in the negotiation of the MLI. The MLI is intended to allow jurisdictions to swiftly amend their tax treaties to implement the tax treaty related Base Erosion and Profit Shifting (BEPS) recommendations. The MLI also improves on the dispute resolution mechanisms. " IRAS
The Competent Authority Agreements for CRS with Denmark, Estonia, Lithuania and New Zealand entered into force on 5 June 2017.
"With the above, the respective jurisdictions will be regarded as “Reportable Jurisdictions”. SGFIs will have to transmit to IRAS the financial account information of accounts held by persons that are tax residents of the above Reportable Jurisdictions, with the first submission due by 31 May 2018. " IRAS
"Deductibility of specific expenses such as registration costs for patents, trademarks, designs and plant varieties, reinstatement costs, renovation and refurbishment works expenditure, R&D expenses and retrenchment payments and outplacement support costs.More details on the safe harbour rule for R&D cost-sharing" IRAS