Singapore to roll out more stringent tax reporting rules for MNCs

As part of the BEPS project.

Singapore-headquartered multinational corporations will be subject to stricter tax reporting rules starting 2017, after the city state revealed that it will join the global implementation of the Base Erosion and Profit Shifting (BEPS) project.

In a bid to crack down on tax avoidance by global firms, the city-state will implement Country-by-Country Reporting for Singapore-headquartered multinational enterprises for financial years beginning on or after 1 Jan 2017.
Singapore will also work with other jurisdictions to help develop the implementation and monitoring phase of the BEPS Project.

“Singapore is committed to working with the international community to counter artificial shifting of profits, and continues to welcome substantive economic activities. We will be actively involved with the OECD and G20 in ensuring the consistent implementation of the BEPS standards across all jurisdictions, so as to ensure a level playing field,” said Tharman Shanmugaratnam, deputy prime minister, coordinating minister for economic and social policies & minister for finance.