Financial Services Tax Bulletin

Financial Services Tax Bulletin provides updates and analyses of key Singapore and international tax developments and considers their impact on financial institutions.

July 2009

OECD developments on taxation - In a rapidly-changing globalisation economy, the role of the OECD has progressively broadened from its historical mission. The challenges brought on by the global economic crisis have bolstered international support for long-standing OECD projects, specifically those focused on tackling tax evasion and transparency. This bulletin analyses the challenges the OECD faces and what are some future developments.









July 2009

New OECD report on building transparent tax compliance by banks - The Singapore tax authorities participated in the OECD Forum on Tax Administration that led to the release of a report on the role of banks as tax intermediaries. The Report, entitled 'Building transparent tax compliance by banks', examines the role of banks in aggressive tax planning and the relationship between banks and revenue bodies. This bulletin summarises the latest thinking of the OECD on the role of tax intermediaries and considers its impact on the financial services industry.