Singapore vows to change tax laws to remove havens

Singapore has vowed to amend its tax laws within the year after being named in a list of countries that have not yet fully implemented global standards aimed at eliminating tax havens.
The Organisation for Economic Co-operation and Development (OECD) last week said Singapore was one of the countries that had not yet carried out their commitments to respecting 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 from AFP at the weekend.
The OECD, which groups the world's leading developed nations, listed 38 countries and territories that "have committed to the internationally agreed tax standard, but have not yet substantially implemented" the measures.