Singapore and Malta have signed a protocol to incorporate into their existing double taxation agreement (DTA) the new internationally agreed Organization of Economic Cooperation and Development standard for the exchange of information for tax purposes.
The protocol was signed in London on November 20 by both countries’ High Commissioners to London. Michael Teo signed for Singapore, and Joseph Zammit Tabona for Malta. The original DTA was signed on March 21, 2006.
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 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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