Singapore and Austria have signed a protocol to 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 Austria's Ambassador to Singapore, Dr Klaus Wolfer, in Singapore. The existing double taxation agreement had been signed on November 30, 2001.
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 three months after both countries advise completion of their ratification procedures.
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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