Singapore
This publication compiles comparable tax revenue statistics for Indonesia, Japan, Korea, Malaysia, the Philippines and Singapore. The model is the OECD Revenue Statistics database – a fundamental reference, backed by a well-established methodology, for OECD member countries. Extending the OECD methodology to Asian countries enables comparisons about tax levels and tax structures on a consistent basis, both among Asian economies and between OECD and Asian economies. This work has been is jointly undertaken by the OECD Centre for Tax Policy and Administration and the OECD Development Centre.
This report contains the “Phase 2: Implementation of the Standard in Practice” review for Singapore, as well as revised version of the “Phase 1: Legal and Regulatory Framework review” already released for this jurisdiction.
The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work in the area of tax transparency and exchange of information is carried out by 120 jurisdictions, which participate in the Global Forum on an equal footing.
The Global Forum is charged with in-depth monitoring and peer review of the implementation of the international standards of transparency and exchange of information for tax purposes. These standards are primarily reflected in the 2002 OECD Model Agreement on Exchange of Information on Tax Matters and its commentary, and in Article 26 of the OECD Model Tax Convention on Income and on Capital and its commentary as updated in 2004. The standards have also been incorporated into the UN Model Tax Convention.
The standards provide for international exchange on request of foreseeably relevant information for the administration or enforcement of the domestic tax laws of a requesting party. Fishing expeditions are not authorised but all foreseeably relevant information must be provided, including bank information and information held by fiduciaries, regardless of the existence of a domestic tax interest or the application of a dual criminality standard.
All members of the Global Forum, as well as jurisdictions identified by the Global Forum as relevant to its work, are being reviewed. This process is undertaken in two phases. Phase 1 reviews assess the quality of a jurisdiction’s legal and regulatory framework for the exchange of information, while Phase 2 reviews look at the practical implementation of that framework. Some Global Forum members are undergoing combined – Phase 1 and Phase 2 – reviews. The Global Forum has also put in place a process for supplementary reports to follow-up on recommendations, as well as for the ongoing monitoring of jurisdictions following the conclusion of a review. The ultimate goal is to help jurisdictions to effectively implement the international standards of transparency and exchange of information for tax purposes.
All review reports are published once approved by the Global Forum and they thus represent agreed Global Forum reports.
This edition of the Southeast Asian Economic Outlook examines medium-term growth prospects, recent macroeconomic policy challenges, and structural challenges including human capital, infrastructure and SME development. It also looks at economic disparities “between” and “within” countries in the region. It provides coverage for Brunei, Cambodia, China, India, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Viet Nam.
While solid growth is forecast to continue until 2017, countries must address structural issues in order to sustain this favourable outlook. Narrowing development gaps presents one of the region’s most important challenges.
For decades Japan has remained at or near the top of international assessments of student learning; and in the past decade, students in Japan have become more engaged in learning. However, the government aspires to improve learning outcomes even further. Strong Performers and Successful Reformers in Education: Lessons from PISA for Japan focuses on how Japan is reforming its education system not only to produce better learning outcomes, but to equip students with the skills they need to navigate through the unpredictable labour market of the future and to participate in society as active citizens.
This is the second in a series of reports examining how education systems are handling the challenge of preparing their students for a world of interconnected populations, rapid technological change, and instantaneous availability of vast amounts of information. Like the first volume, Strong Performers and Successful Reformers in Education: Lessons from PISA for the United States, this report presents examples from other countries with consistently high-performing education systems or countries that, by redesigning policies and practices, have been able to improve their education outcomes, as measured by the OECD Programme for International Student Assessment (PISA), the world’s most comprehensive and rigorous survey of students’ skills and attitudes towards learning.
The future of Greece’s well-being will depend on improving educational performance to boost productivity and improve social outcomes. In the current economic context, with the need to get best value for spending, Greece must and can address inefficiencies in its education system.
The challenges are significant. For example, Greece lags behind many OECD countries in performance on PISA, including countries with the same or lower levels of expenditure per student as well as countries with the same and lower levels of economic development. Salary costs per student are above the OECD average, mostly because Greek teachers have less teaching time and Greece has smaller classes. A smaller percentage of students who enter tertiary education complete a first degree within the statutory study time than in any other country in Europe.
To address the challenges, the Greek government has established a bold agenda and sought advice from a task force on the development and implementation of reform proposals that reflect best practices in OECD countries. This report provides the outcomes of the work of the task force. It presents a roadmap for how the reforms can be successfully implemented, with pointers to relevant experience in other countries. As a contribution to the on-going policy discussions in Greece, it recommends specific short-, medium- and long-term actions that can improve efficiency in the country’s education system.
The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work in the area of tax transparency and exchange of information is carried out by over 90 jurisdictions which participate in the work of the Global Forum on an equal footing.
The Global Forum is charged with in-depth monitoring and peer review of the implementation of the standards of transparency and exchange of information for tax purposes. These standards are primarily reflected in the 2002 OECD Model Agreement on Exchange of Information on Tax Matters and its commentary, and in Article 26 of the OECD Model Tax Convention on Income and on Capital and its commentary as updated in 2004, which has been incorporated in the UN Model Tax Convention.
The standards provide for international exchange on request of foreseeably relevant information for the administration or enforcement of the domestic tax laws of a requesting party. “Fishing expeditions” are not authorised, but all foreseeably relevant information must be provided, including bank information and information held by fiduciaries, regardless of the existence of a domestic tax interest or the application of a dual criminality standard.
All members of the Global Forum, as well as jurisdictions identified by the Global Forum as relevant to its work, are being reviewed. This process is undertaken in two phases. Phase 1 reviews assess the quality of a jurisdiction’s legal and regulatory framework for the exchange of information, while Phase 2 reviews look at the practical implementation of that framework. Some Global Forum members are undergoing combined – Phase 1 plus Phase 2 – reviews. The ultimate goal is to help jurisdictions to effectively implement the international standards of transparency and exchange of information for tax purposes.
All review reports are published once approved by the Global Forum and they thus represent agreed Global Forum reports.
US President Obama has launched one of the world’s most ambitious education reform agendas. Under the heading “Race to the Top”, this agenda encourages US states to adopt internationally benchmarked standards and assessments that prepare students for success in college and the workplace: recruit, develop, reward, and retain effective teachers and principals; build data systems that measure student success; and inform teachers and principals how they can improve their practices and turn around their lowest-performing schools.
But what does the “top” look like internationally? How have the countries at the top managed to achieve sustained high performance or to significantly improve their performance? The OECD Programme for International Student Assessment (PISA) provides the world’s most extensive and rigorous set of international surveys assessing the knowledge and skills of secondary school students. This volume combines an analysis of PISA with a description of the policies and practices of those education systems that are close to the top or advancing rapidly, in order to offer insights for policy from their reform trajectories.
The SIGI 2023 profile for Singapore provides a comprehensive overview of the state of gender equality in the country, as measured by the OECD’s Social Institutions and Gender Index (SIGI). The full SIGI Country Profile for Singapore is available at: OECD Development Centre (2023), “Singapore SIGI Country Profile”, SIGI 2023 Country Profiles, OECD, https://oe.cd/sigi-dashboard. The fifth edition of the SIGI, released in 2023, assesses 140 countries based on the level of gender-based discrimination in their social institutions. These discriminatory social institutions encompass both formal and informal laws, as well as social norms and practices that restrict women’s and girls’ access to rights, justice, empowerment opportunities and resources, thereby undermining their agency and authority.
Singapore can legally issue the following five types of rulings within the scope of the transparency framework: (i) preferential regimes; 1) Development and expansion incentive - services, 2) Pioneer service company, 3) Aircraft leasing scheme, 4) Finance and treasury centre, 5) Insurance business development, 6) Financial sector incentive, 7) Global trader programme. (ii) cross-border unilateral APAs and any other cross-border unilateral tax rulings (such as an advance tax ruling) covering transfer pricing or the application of transfer pricing principles; (iii) rulings providing for unilateral downward adjustments; (iv) permanent establishment rulings; and (v) related party conduit rulings.
First reporting fiscal year: Commencing on or after 1 January 2017. Singapore also allowed MNE Groups to file a CbC report on a voluntary basis, for reporting fiscal years commencing between 1 January 2016 and 31 December 2016.
Singapore has made progress steadily in its tourism landscape, building key attractions, and refreshing its tourism products every 5-10 years. After the opening of Marina Bay Sands, Resorts World Sentosa and Universal Studios Singapore, the country launched Gardens by the Bay and National Gallery Singapore in 2012 and 2015 respectively. This was followed by Jewel in 2019, an entertainment and retail complex linked to Changi International Airport. Work is underway for a fifth terminal, and the city-state will soon complete the development of the Mandai Nature Park progressively with the opening of Bird Paradise in 2023. While the country continues to market its multi-faceted appeal as a business and leisure destination, it has also embarked on new growth areas towards being a sustainable urban destination to draw a growing segment of conscious travellers, as well as an urban wellness haven. This country note examines these themes.
Singapore can legally issue the following five types of rulings within the scope of the transparency framework: (i) preferential regimes; 1) Development and expansion incentive - services, 2) Pioneer service company, 3) Aircraft leasing scheme, 4) Finance and treasury centre, 5) Insurance business development, 6) Financial sector incentive, 7) Global trader programme. (ii) cross-border unilateral APAs and any other cross-border unilateral tax rulings (such as an advance tax ruling) covering transfer pricing or the application of transfer pricing principles; (iii) rulings providing for unilateral downward adjustments; (iv) permanent establishment rulings; and (v) related party conduit rulings.