Global forum on transparency and exchange of information for tax purposes peer reviews: Singapore 2013: Phase 2: implementation of the standard in practice: November 2013 (reflecting the legal and regulatory framework as at January 2013)

This report contains the ""Phase 2: Implementation of the Standard in Practice"" review for Singapore, as well as revised version of the ""Phase 1: Legal and Regulatory Framework review"" already released for this jurisdiction. The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work in the area of tax transparency and exchange of information is carried out by 120 jurisdictions, which participate in the Global Forum on an equal footing. The Global Forum is charged with in-depth monitoring and peer review of the implementation This report contains the ""Phase 2: Implementation of the Standard in Practice"" review for Luxembourg, as well as a revised version of the ""Phase 1: Legal and Regulatory Framework review"" already released for this jurisdiction. The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work in the area of tax transparency and exchange of information is carried out by 120 jurisdictions, which participate in the Global Forum on an equal footing. The Global Forum is charged with in-depth monitoring and peer review of the implementat Table of Contents; About the Global Forum; Executive Summary; Introduction; Information and methodology used for the peer review of Luxembourg; Compliance with the Standards; A. Availability of Information; Overview; A.1. Ownership and identity information; A.2. Accounting records; A.3. Banking information; B. Access to Information; Overview; B.1. Competent Authority's ability to obtain and provide information; B.2. Notification requirements and rights and safeguards; C. Exchanging Information; Overview; C.1. Exchange of information mechanisms C.2. Exchange of information mechanisms with all relevant partnersC. 3. Confidentiality; C.4. Rights and safeguards of taxpayers and third parties; C.5. Timeliness of responses to requests for information; Summary of Determinations and Factors Underlying Recommendations; Annex 1: Jurisdiction's Response to the Review Report; Annex 2: List of all Exchange-of-Information Mechanisms in Force Annex 3: List of all agreements signed, allowing for the exchange of banking information, to the standard and in force, including jurisdictions covered by the EU Council Directive on Administrative Cooperation in the Field of Taxation (2011/16/EU)Annex 4: List of Laws, Regulations and Other Material Received; Annex 5: People Interviewed During the On-Site Visit This report summarises the legal and regulatory framework for transparency and exchange of information in Singapore as well as the practical implementation of that framework. It is reflecting the legal and regulatory framework as at January 2013