Finance Ministry responds to feedback on its public consultation on amendments to the Income Tax Act to implement changes to the Exchange of Information regime

17 Sep 2013

This update discusses the Ministry of Finance’s (“MOF”) response to its public consultation on the amendments to the Income Tax Act to implement changes to the Exchange of Information (“EOI”) regime.

MOF’s response addresses:

(a) the Foreign Account Tax Compliance Act;

(b) allowing the Inland Revenue Authority of Singapore to obtain bank and trust information from financial institutions without having to seek a Court Order; and

(c) the taxpayer’s right of appeal on EOI matters.

To read the update, please click here.