Singapore and Bahrain on October 14 signed a protocol amending the double tax convention they share to incorporate the internationally-agreed standard on tax information exchange.
The agreement was signed by Moses Lee, Commissioner of Inland Revenue for Singapore and Ahmed Al Khalifa, Bahrain’s Minister of Finance, in Manama.
The protocol will enter into force after Singapore’s legislative amendments to give effect to the internationally agreed standard have been approved by Parliament and gazetted into law, and the ratification procedures have been completed by both countries.
The protocol will give the tax authorities of both countries a greater ability to exchange taxpayer information and to exchange information on a wider range of taxes. It also provides that neither tax authority can refuse to provide information solely because it does not require the information for its own domestic purposes, or because the information is held by a bank or similar institution.
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