Singapore and Japan have signed a protocol to incorporate into their existing double taxation agreement (DTA) the new internationally-agreed Organization for Economic Cooperation and Development standard for the exchange of information for tax purposes.
The protocol was signed in Singapore on February 4 by Moses Lee, Singapore’s Commissioner of Inland Revenue, and Makoto Yamanaka, Japan’s Ambassador to Singapore. The original DTA was signed on April 9, 1994.
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.
The protocol will enter into force on the thirtieth day following notification of the completion of ratification procedures by both countries.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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