29 June 2016 Singapore joins OECD BEPS project as an Associate and will implement CbC reporting from January 1, 2017 Singapore announced on June 16, that it will join the inclusive framework for the global implementation of the Organisation for Economic Co-operation and Development's (OECD) Base Erosion and Profit Shifting (BEPS) project as a BEPS Associate. Singapore is committed to implementing the following four minimum standards under the BEPS project: (i) Action 5: Countering harmful tax practices; (ii) Action 6: Preventing treaty abuse; (iii) Action 13: Transfer pricing documentation; and (iv) Action 14: Enhancing dispute resolution. As part of the proposed implementation of Action 13, Singapore will implement Country-by Country (CbC) reporting for financial years (FYs) beginning on or after January 1, 2017, for Singapore headquartered multinational enterprises. A Tax Alert prepared by EY's Global Tax Desk Network, and attached below, provides additional details. Document ID: 2016-1135 |
