Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Egypt's SCZONE welcomes Zhejiang Province delegation for trade talks    Beltone Venture Capital partners with Citadel International to manage $30m startup fund    S. Africa to use contingency reserves to tackle debt    Gaza health authorities urge action for cancer, chronic disease patients    Transport Minister discusses progress on supplying new railway carriages with Hungarian company    Egypt's local gold prices see minor rise on April 18th    Expired US license impacts Venezuela crude exports    Taiwan's TSMC profit ups in Q1    Yen Rises, dollar retreats as G7 eyes currency calm    Egypt, Bahrain vow joint action to end Gaza crisis    Egypt looks forward to mobilising sustainable finance for Africa's public health: Finance Minister    Egypt's Ministry of Health initiates 90 free medical convoys    Egypt, Serbia leaders vow to bolster ties, discuss Mideast, Ukraine crises    Singapore leads $5b initiative for Asian climate projects    Karim Gabr inaugurates 7th International Conference of BUE's Faculty of Media    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    Eid in Egypt: A Journey through Time and Tradition    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Tourism Minister inspects Grand Egyptian Museum, Giza Pyramids    Egypt's healthcare sector burgeoning with opportunities for investors – minister    Egypt starts construction of groundwater drinking water stations in South Sudan    Russians in Egypt vote in Presidential Election    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Egypt's powerhouse 'The Tank' Hamed Khallaf secures back-to-back gold at World Cup Weightlifting Championship"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    Egypt builds 8 groundwater stations in S. Sudan    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Singapore counters black money censure
Published in Bikya Masr on 20 - 07 - 2012

SINGAPORE: According to the recently released “White Paper on Black Money," a report by the Indian Ministry of Finance, Singapore was the source of 9.17% or approximately US$11.9 billion of FDI equity inflows to the country between 2000 and 2011.
The paper also cited that Singapore is a tax haven because of the following reasons:
Singapore is a small economy;
A small economy cannot be the source of large scale investments;
In order to conceal the identities of the investors from Indian revenue authorities and to evade taxes, investments are “round tripped" through Singapore;
Said investors could primarily be Indian residents who have invested in their own companies.
Asiabiz Services has recognized two factors as to why Singapore cannot be inferred as a tax haven.
SINGAPORE'S REPUTATION AS A REGIONAL FINANCIAL HUB AND RESPECT FOR RULE OF LAW
Singapore has developed into a robust regional financial hub in just over four decades. This is in part due to its high standards of financial regulation as well as its pro-business environment that is backed by sound corporate governance.
While Singapore's central bank, the Monetary Authority of Singapore (MAS), allows well-managed risk taking and offers deep and liquid capital markets, it continually assesses its policies to ensure financial stability and soundness. MAS also has an anti-money laundering and countering the financing of terrorism framework (AML/CFT).
The Singapore government also maintains an attractive Singapore corporate tax to attract and retain bonafide companies, including over 4,000 Indian companies in the republic. However, it does not tolerate tax evasion and other crimes that undermine its laws.
Singapore privacy laws for example, provide the right to confidentiality of information to bank customers. However, banking confidentiality does and will not hinder the Singapore authorities from providing information to assist domestic or foreign authorities in investigations of potential criminal activities.
Furthermore, Singapore practices transparency at all levels, and practices the OECD Standard for Exchange of Information, an important tool in fighting non-compliance with the tax laws in an increasingly borderless world.
“All these measures ensure that the foundation for setting up companies in Singapore are sound. Hence, that also means that every entity that opts for Singapore company formation is authentic and not just a conduit for money laundering," said Mr. James Nuben, Head of Tax Division, Asiabiz Services, a Singapore company registration consultancy.
SINGAPORE IS INDIA'S 2ND LARGEST INVESTOR
Between 2001 and 2011, the only 3% of Singapore's overall investment outflows worth US$316 billion were channeled to India. This is partly because Singapore is India's largest trading partner in ASEAN. Following the signing of the Comprehensive Economic Cooperation Agreement in 2005, which included an Avoidance of Double Taxation (DTA) agreement, bilateral trade has grown 20% annually.
“Vice versa, Singapore is India's gateway to ASEAN, China and APEC, making it an attractive and natural choice for Indian companies which are keen to tap emerging markets. It is therefore contentious to infer that an economy as small as Singapore is unable to be the source of large scale investments and inversely, inferred as a tax haven," affirmed Mr. Nuben.


Clic here to read the story from its source.