The protocol to the existing double taxation agreement (DTA) between Singapore and Australia, which incorporates the internationally-agreed standard for exchange of tax information, will enter into force on December 22, 2010.
The protocol to the DTA was signed on September 8 this year, and now takes effect after both countries have advised completion of their ratification procedures.
It will give the tax authorities of both countries a greater ability to exchange taxpayer information, as well as 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.
Australia’s former Assistant Treasurer, Nick Sherry, said, when the protocol was signed, that it is a “significant step in enhancing Australia's efforts to combat tax avoidance and stamp out evasion."
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.aspTags: tax | law | offshore | agreements | offshore confidentiality | double tax agreement (DTA) | tax compliance | Australia | Singapore | tax avoidance | compliance | Singapore | Australia
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