Singapore has vowed to amend its tax laws within the year after being named in a list of countries that have not fully implemented global standards aimed at eliminating tax havens.
The Organization for Economic Cooperation and Development (OECD) last week said Singapore was one of the countries that had yet to carry out commitments to global standards on exchanging tax information.
Singapore “intends to implement the standard by effecting legislative amendments later this year,” a finance ministry spokesperson said in reply to a query during the weekend.
The OECD, which groups the world’s leading developed countries, listed 38 countries and territories that “have committed to the internationally agreed tax standard, but have not yet substantially implemented” the measures.
The list also includes Belgium, Brunei, Chile, the Dutch Antilles, Gibraltar, Liechtenstein, Luxembourg, Monaco, Switzerland and Caribbean island nations including the Bahamas, Bermuda and the Cayman Islands.
The OECD released the list after the G20 summit in London agreed to crack down on tax havens.
“Singapore has not been classified by the OECD as a tax haven but as a financial center that has committed to the internationally recognized tax standard,” the finance ministry said.
“This recognizes that Singapore has endorsed the OECD standard for the exchange of information through Avoidance of Double Taxation Agreements [DTAs] and intends to implement the standard by effecting legislative amendments later this year and negotiating and concluding relevant DTAs,” it said.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) founder Morris Chang (張忠謀) yesterday said that Intel Corp would find itself in the same predicament as it did four years ago if its board does not come up with a core business strategy. Chang made the remarks in response to reporters’ questions about the ailing US chipmaker, once an archrival of TSMC, during a news conference in Taipei for the launch of the second volume of his autobiography. Intel unexpectedly announced the immediate retirement of former chief executive officer Pat Gelsinger last week, ending his nearly four-year tenure and ending his attempts to revive the
WORLD DOMINATION: TSMC’s lead over second-placed Samsung has grown as the latter faces increased Chinese competition and the end of clients’ product life cycles Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) retained the No. 1 title in the global pure-play wafer foundry business in the third quarter of this year, seeing its market share growing to 64.9 percent to leave South Korea’s Samsung Electronics Co, the No. 2 supplier, further behind, Taipei-based TrendForce Corp (集邦科技) said in a report. TSMC posted US$23.53 billion in sales in the July-September period, up 13.0 percent from a quarter earlier, which boosted its market share to 64.9 percent, up from 62.3 percent in the second quarter, the report issued on Monday last week showed. TSMC benefited from the debut of flagship
A former ASML Holding NV employee is facing a lawsuit in the Netherlands over suspected theft of trade secrets, Dutch public broadcaster NOS said, in the latest breach of the maker of advanced chip-manufacturing equipment. The 43-year-old Russian engineer, who is suspected of stealing documents such as microchip manuals from ASML, is expected to appear at a court in Rotterdam today, NOS reported on Friday. He is accused of multiple violations of the sanctions legislation and has been given a 20-year entry ban by the Dutch government, the report said. The Dutch company makes machines needed to produce high-end chips that power
As South Korea descends into political chaos, its equity market risks falling further behind major tech rival Taiwan, which is basking in the glory of a global artificial intelligence (AI) boom. A near-30 percent surge in Taiwan’s stock benchmark this year, set to be the best since 2009, has already helped spur a historic divergence between Asia’s two tech-dominated markets. The nation’s market capitalization now exceeds South Korea’s by about US$950 billion as the world’s AI frontrunners from Nvidia Corp and Microsoft Corp to OpenAI all increasingly turn to Taiwanese firms for supply. Looking ahead to next year, while both export-oriented economies
RSS