STATEMENT BY MS CHIAM YAH FANG, DEPUTY COMMISSIONER, INLAND REVENUE AUTHORITY OF SINGAPORE AT THE ORGANISATIONAL SESSION OF THE AD HOC COMMITTEE TO DRAFT THE TERMS OF REFERENCE FOR A FRAMEWORK CONVENTION ON INTERNATIONAL TAX COOPERATION, CONFERENCE ROOM 3, UNHQ, 20 FEBRUARY 2024

Thank you, Mr. Chair,

1 First, I would like to congratulate you on your election. Singapore believes in multilateralism and inclusive international tax cooperation. This is why we have taken the consistent position that we support the strengthening of inclusive tax cooperation. It is our firm belief that the UN has an important role to play in complementing the work done by existing platforms for international tax cooperation, such as the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting.

2 In our view, in order for our discussions at the UN to be productive and to achieve concrete outcomes for all jurisdictions, Singapore believes that:

Firstly, it is imperative that we work towards consensus-based solutions, in order for the framework convention to be truly inclusive. This will ensure that views from all jurisdictions are considered to arrive at an effective and stable outcome. Otherwise, it will be the majority making decisions for the minority. We will lack the buy-in from jurisdictions who do not agree with the solution.

Secondly, we need to have a clear and common understanding of the existing gaps and synergies in international tax cooperation. This is essential for the committee to determine how we can effectively play a role in addressing these challenges and in complementing existing solutions and progress achieved on other platforms.

Thirdly, we echo the view of other delegates that we should take the necessary time and effort to carefully evaluate and consider all solutions, including existing ones, as well as what the gaps are, before we decide on the option that would best serve our collective interests. We think that it is important to prioritise getting it right, over doing it fast.

Fourthly, we should prioritise proposals that focus on creating and maintaining the right conditions for global economic growth. It is only by growing the pie, rather than splitting the pie, that we can ensure more resources for all jurisdictions. We need to be mindful that we do not inadvertently discourage enterprise and innovation through this process.

3 It is in this spirit that Singapore will participate actively in the discussions of the ad-hoc intergovernmental committee. We are committed to playing a constructive role by bridging differences and building common ground. We look forward to working with all delegations in coming up with a draft Terms of Reference (TORs) and the framework convention.

4 Thank you.

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