Singapore legislation

Clause 4

of Income Tax (Amendment No. 2) Bill

Clause 4

Amendment of section 105I

Section 105I of the principal Act is amended by inserting, immediately before the definition of “international tax compliance agreement”, the following definition:“ “competent authority agreement” means a bilateral or multilateral agreement to improve international tax compliance based on the standard for automatic exchange of financial account information in tax matters developed by the Organisation for Economic Co‑operation and Development;”.