Shelter Offshore, 23 Dec 2008
With the US and UK cracking down on tax evasion and avoidance and the likes of Germany vociferously complaining about various offshore tax havens such as Switzerland which are apparently corrupting their citizens and encouraging them to evade taxation (!), the OECD really has its work cut out at the moment.
The OECD, Organisation for Economic Cooperation and Development, is supporting international efforts to force greater reporting transparency, and along with the likes of the European Union, the organisation is currently forcing through or supporting legislation for enforced disclosure when it comes to taxable actions.
One location has so far managed to benefit and profit from other jurisdictions’ reduction in favourability, and the jurisdiction in question is Singapore which is becoming an increasingly attractive offshore tax haven. However, with a greater in-flow of international money comes greater scrutiny from the OECD…so how will Singapore continue to fare?
Back in 2005 we reported on the fact that Singapore was one of the offshore tax havens benefitting from the introduction of the European Savings Tax Directive across the EU, its dependencies and various other locations dubbed ‘third countries.’ At the time of the directive’s introduction there was a strong outpouring of funds and business from the European Union, and because of Singapore’s superior reputation and respected standing in the field of international business and finance, it enjoyed the direct benefit of receiving a great deal of this wealth relocation.
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