§ 105P — Regulations to implement international tax compliance agreements, etc.

105P.—(1) The Minister may make regulations for, or in connection with, giving effect to or enabling effect to be given to —(a)

an international tax compliance agreement; or

(b)

any future competent authority agreement which may be declared as an international tax compliance agreement under section 105K(1).[15/2016]

(1A) The Minister may also make regulations to enable the Comptroller to obtain a country‑by‑country report or its equivalent from a prescribed person who is resident in Singapore or has a permanent establishment in Singapore in prescribed circumstances.[45/2018]

(2) Without limiting subsection (1), regulations under subsection (1) may —(a)

prescribe anything which may be prescribed under this Part;

(b)

for the purpose of section 105L, prescribe different descriptions of information, forms and manners of provision of the information, and times and frequencies for the provision of the information, in relation to different international tax compliance agreements, different persons or under different circumstances;

(ba)

where the international tax compliance agreement in question is a CbCR exchange agreement, or the regulation is for the purpose in subsection (1A), enable the Comptroller —(i)

after taking into account prescribed factors, to give written notice to a prescribed person that the person need not comply with section 105L or any other obligation of a prescribed person under the regulations; and

(ii)

if the Comptroller considers appropriate after taking into account those factors, to give written notice to one or more other persons to discharge those obligations in place of the prescribed person mentioned in sub‑paragraph (i);

(c)

impose on a person —(i)

audit requirements for the purpose of determining the extent of compliance by the person with the regulations made under this section (including requiring the person’s internal auditor or appointing another person to carry out an audit, and report the results of the audit to the Comptroller);

(ii)

due diligence requirements;

(iii)

registration and other requirements; and

(iv)

a requirement that the person inform the Comptroller if the person wishes to authorise another person to perform any requirement under section 105L(1) or sub‑paragraphs (i), (ii) and (iii) on the person’s behalf,

being requirements that —

(v)

are required or permitted to be imposed under an international tax compliance agreement on any person to whom the agreement applies; or

(vi)

may facilitate the implementation of any future competent authority agreement which may be declared as an international tax compliance agreement under section 105K(1);

(ca)

provide that a contravention of any specified provision is an offence;

(cb)

enable the Comptroller to appoint another person to carry out an audit for the purpose of determining the extent of compliance by a person with the regulations made under this section; and

(d)

contain incidental, transitional or saving provisions.[37/2014; 15/2016; 34/2016]

(3) Regulations under subsection (1) may give force of law to any provision of an international tax compliance agreement, whether with or without any modification.

—(1) The Minister may make regulations for, or in connection with, giving effect to or enabling effect to be given to —(a)

an international tax compliance agreement; or

(b)

any future competent authority agreement which may be declared as an international tax compliance agreement under section 105K(1).[15/2016]

(1A) The Minister may also make regulations to enable the Comptroller to obtain a country‑by‑country report or its equivalent from a prescribed person who is resident in Singapore or has a permanent establishment in Singapore in prescribed circumstances.[45/2018]

(2) Without limiting subsection (1), regulations under subsection (1) may —(a)

prescribe anything which may be prescribed under this Part;

(b)

for the purpose of section 105L, prescribe different descriptions of information, forms and manners of provision of the information, and times and frequencies for the provision of the information, in relation to different international tax compliance agreements, different persons or under different circumstances;

(ba)

where the international tax compliance agreement in question is a CbCR exchange agreement, or the regulation is for the purpose in subsection (1A), enable the Comptroller —(i)

after taking into account prescribed factors, to give written notice to a prescribed person that the person need not comply with section 105L or any other obligation of a prescribed person under the regulations; and

(ii)

if the Comptroller considers appropriate after taking into account those factors, to give written notice to one or more other persons to discharge those obligations in place of the prescribed person mentioned in sub‑paragraph (i);

(c)

impose on a person —(i)

audit requirements for the purpose of determining the extent of compliance by the person with the regulations made under this section (including requiring the person’s internal auditor or appointing another person to carry out an audit, and report the results of the audit to the Comptroller);

(ii)

due diligence requirements;

(iii)

registration and other requirements; and

(iv)

a requirement that the person inform the Comptroller if the person wishes to authorise another person to perform any requirement under section 105L(1) or sub‑paragraphs (i), (ii) and (iii) on the person’s behalf,

being requirements that —

(v)

are required or permitted to be imposed under an international tax compliance agreement on any person to whom the agreement applies; or

(vi)

may facilitate the implementation of any future competent authority agreement which may be declared as an international tax compliance agreement under section 105K(1);

(ca)

provide that a contravention of any specified provision is an offence;

(cb)

enable the Comptroller to appoint another person to carry out an audit for the purpose of determining the extent of compliance by a person with the regulations made under this section; and

(d)

contain incidental, transitional or saving provisions.[37/2014; 15/2016; 34/2016]

(3) Regulations under subsection (1) may give force of law to any provision of an international tax compliance agreement, whether with or without any modification.