Singapore is fully committed to working with the international community to fight cross-border tax offences.

In a joint statement, the Inland Revenue Authority of Singapore (IRAS), Ministry of Finance and Monetary Authority of Singapore (MAS) said they stand ready to partner with tax authorities of Australia, UK and US in investigating structures that may be involved in wrongdoing.

“We understand that the tax authorities of these countries are analysing their data to determine if such structures have been used for any wrongdoing,” the statement said.

The authorities said Singapore will assist them to the fullest extent possible under its laws and tax agreements.

Singapore laws and tax agreements are in line with international standards, and allow for the exchange of information including banking and trust information.

The Singaporean authorities are also looking into whether any tax offences have been committed in Singapore.

They have started requesting these tax authorities for the data of entities linked to Singapore to be shared with the country.

As part of IRAS’s ongoing programmes to ensure compliance with tax laws in Singapore, IRAS audits and conducts investigations into entities that use offshore structures to conceal income and avoid being taxed here.