Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) (Amendment) Regulations 2023

The Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) (Amendment) Regulations 2023 were published on Singapore Statutes Online, the platform of the Singapore government for publicizing legal documents. The Regulations modify the Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018 which set out reporting provisions for large multi-national entities (MNEs) located in Singapore based on the „Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting“ done in Paris in 2016.
Specifically, the new 2023 Regulations makes minor amendments to regulation 2 of the 2018 Regulations to
– replace “Accounting Standards Council” with “Accounting Standards Committee” in the definition of Financial Reporting Standard (FRS) 110;
– replace in the definition of „SFRS(I) 10“ „Part III of the Accounting Standards Act” with “Part 3 of the Accounting Standards Act 2007”; and
– replace in the definition of „FRS 110“ “(Cap. 2B)” with “2007”.