Singapore And Norway Sign Information-Sharing Protocol

by Mary Swire, Tax-News.com, Hong Kong

22 September 2009

Singapore and Norway have signed a protocol amending their existing double taxation agreement, incorporating the internationally-agreed OECD standard for the exchange of information upon request for tax purposes.

Peter Ong, Singapore’s Second Permanent Secretary (Finance), signed the protocol, together with Norway’s Ambassador to Singapore, Janne Julsrud, in Singapore. The existing double taxation agreement had been signed on December 19, 1997.

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 after Singapore's legislative amendments to give effect to the OECD standard have been approved by parliament and gazetted into law, and 30 days after ratification procedures have been completed by both countries.

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