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The Singapore government said Thursday that it would amend its laws in the coming months to get off an international “grey” list of tax havens compiled by the Organization for Economic Cooperation and Development (OECD).
Singapore has been listed as a state committed to the international OECD standard on sharing information on taxes but not yet substantially implementing it.
“We are working on the draft legislative amendments,” Second Finance Minister Lim Hwee Hua told Parliament.
“They will be aired for public consultation in the middle of the year before we proceed to introduce the amendments in Parliament,” she said.
OECD has drawn up black, grey and white lists of countries based on their willingness to adhere to its standards on exchange of tax information.
Lim said the steps the government would undertake in the coming months were “in line with Singapore’s status and reputation as a trusted and responsible financial hub.”
“Singapore does not and will not stand for the abuse of its laws to shelter financial criminals and the reputation as a trusted and responsible financial hub.”