11 May 2016
Tax and Legal Effect on Panama Papers Episode 1 & 2
I quoted an article of Singapore Business Time via online about the reaction of parliament after Panama Papers episode 2 released.
Singapore that has liberal economic systems will change and control it since they also get hurt. That is why no where a really safe place to hide the financial transactions after AEOI applied by the 2018. It is the right time for tax payers to enhance their tax compliances. Hiding the transactions and corporate restructuring will create high risk in the future.
In addition, legal aspect will follow the new policy after AEOI applied as well. All governments that have already joined AEOI will stress more on SUBSTANCE rather than FORM in considering of the financial transactions. Tax and government’s regulations will change dramatically to gather the information about high level international corporate and financial restructuring.
Agung Tjahjady SH, CPA, MM, BKP
Registered Tax Consultant, Advocate
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