Singapore and Finland have signed a protocol to incorporate into their existing double taxation agreement (DTA) the new internationally agreed Organization of Economic Cooperation and Development (OECD) standard for the exchange of information for tax purposes upon request.
Peter Ong, Singapore’s Permanent Secretary of the Ministry of Finance, signed the protocol together with Finland’s Ambassador to Singapore, Satu Mattila, in Singapore on November 16, 2009. The original DTA was signed on June 7, 2002.
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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