Speech by Henry Kwek in Parliament on the Income Tax Bill
1. Mr Speaker, I stand in support the bill. The income tax bill amendment is a timely refresh to our tax administration.
2. In particular, I would like to support IRAS’s push for strengthened regulations on related party transactions.
3. The world is changing quickly. OECD countries are facing tremendous fiscal and economic pressures.
4. This pressure resulting in increased scrutiny over the tax policies from lower-tax jurisdiction, or even existing trade agreements.
5. Singapore today has an excellent reputation as a responsible tax jurisdiction.
6. Nevertheless, it is important that we stay vigilant.
7. We must not give others real or perceived reasons to cast doubts on the integrity of our tax system.
8. The new provision to strengthen related party transaction shows that IRAS is ahead of the curve, and strengthens Singapore’s reputation as a responsible tax jurisdiction.
9. Some businesses might get affected with added regulations. I have looked at this Bill’s detailed implementation.
10. I am satisfied that it is done in a measured and targeted way.
11. As such, this amendment bill is worthy of support. Thank you.