THE Ministry of Finance (MOF) is seeking feedback on draft legislative amendments to implement the internationally agreed standard for exchange of information.

The ministry is seeking comments on the draft Income Tax (Amendment) (Exchange of Information) Bill from Monday to July 28, said the ministry in a statement on Monday.

The Bill proposes amendments to the Income Tax Act, and consequently amendments to the Goods and Services Act and Stamp Duties Act, to allow Singapore to enter into Avoidance of Double Taxation Agreements (DTAs) that incorporate the new internationally agreed standard on the exchange of information (EOI) for tax purposes.

Singapore endorsed the Organisation for Economic Cooperation and Development's (Oecd) 2008 Standard for the effective exchange of information through DTAs in March.

This was because the Oecd Standard has become an internationally agreed standard following its endorsement by the United Nations Committee of Tax Experts on International Cooperation in Tax Matters two years ago.

The legislative provisions under the draft Bill would allow Iras to provide information, including information held by a bank or trust company, in response to bona fide requests made under DTAs which incorporate the standard.

Under such DTAs, Iras' access to information would not be limited to whether the information request relates to a Singapore tax matter , that is, the domestic interest requirement will be lifted.

Such provisions would enhance the assistance that Singapore can provide to foreign jurisdictions under DTAs which incorporate the standard, and vice versa, said the ministry.

The standard would allow the requested jurisdiction to reject requests that are frivolous or spurious in nature or 'fishing expeditions' by the requesting jurisdiction.

MOF said that the proposed amendments are in keeping with Singapore's status and reputation as a trusted and responsible business and financial hub with substantive economic activities.

Other financial centres such as Hong Kong, Switzerland and Luxembourg have announced similar plans.

Consultation documents and explanations on the draft Income Tax (Amendment) (Exchange of Information) Bill are available on www.mof.gov.sg/consultation_current/index.html and the Reach consultation portal, www.reach.gov.sg.

Respondents may also send their comments to the Ministry of Finance directly via the website, email, fax or post. All feedback should reach the ministry by July 28.