Singapore, the world's fourth-biggest offshore financial centre, said on Tuesday it will adopt new measures to make it easier to share information on potential tax evaders with other countries.
The Southeast Asian city-state, keen to avoid the kind of onslaught over tax cheats being waged against Switzerland, said it will sign up to the Organisation for Economic Cooperation and Development's (OECD) multilateral treaty on sharing tax details.
It also plans to change the law so the tax office, the Inland Revenue Authority of Singapore, will not need a court order to get information from banks and trust companies sought by foreign governments, a joint statement by the central bank, the finance ministry and the tax authority said.
Singapore, which hosts offices of the world's biggest banks, will adopt the OECD standards on information sharing in all of its existing bilateral tax agreements that do not already contain them, as long as the city-state gets reciprocity. Full story...
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The Southeast Asian city-state, keen to avoid the kind of onslaught over tax cheats being waged against Switzerland, said it will sign up to the Organisation for Economic Cooperation and Development's (OECD) multilateral treaty on sharing tax details.
It also plans to change the law so the tax office, the Inland Revenue Authority of Singapore, will not need a court order to get information from banks and trust companies sought by foreign governments, a joint statement by the central bank, the finance ministry and the tax authority said.
Singapore, which hosts offices of the world's biggest banks, will adopt the OECD standards on information sharing in all of its existing bilateral tax agreements that do not already contain them, as long as the city-state gets reciprocity. Full story...
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