Singapore Wealth Firms Weather Tax Transparency, Minister Says
- Firms in Singapore haven’t seen a ‘significant’ outflow: Rajah
- Country signed up for multilateral agreement on tax in June
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Singapore’s wealth management industry hasn’t seen a meaningful exodus of funds as a result of recent moves to adopt new global standards for tax transparency, according to Indranee Rajah, the city-state’s senior minister of state for law and finance.
“I don’t think there’s any significant outflows” since June, when Singapore signed up for a multilateral framework that facilitates the exchange of information on tax issues, Rajah said in an interview Tuesday.