As CRS and BEPS are effectively in Singapore this year, we had the experts from KPMG to share the developments in Singapore. It was an informative session. The speaker shared that for CRS, there were some areas that could benefit from further clarifications to the industry. One such area is in the registration of entities being classified investment entities that are scope as"FI" for CRS purpose. There is for now no alignment of such entities across different jurisdictions and potentially creating arbitrage. On the BEPS front, the action item that attracted most attention is on transfer pricing rule "country by country reporting". When the full extent of the information is exchanged between tax authorities, they would know quite a fair bit of financial data of their taxpayers.
Click HERE to view event photos.
Ms Goh Seow Chee
Managing Director, Wealth Advisory Group at J.P. Morgan