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Multilateral Tax Convention Effective In Singapore

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

03 May 2016


The Organization for Economic Cooperation and Development (OECD) Multilateral Convention on Mutual Administrative Assistance in Tax Matters became effective in Singapore on May 1, 2016.

Singapore ratified the Convention in January 2016 with a view to boosting tax transparency and combating cross-border tax evasion.

The Convention will allow the Inland Revenue Authority of Singapore to request information from other tax authorities, and seek assistance in collecting outstanding tax debts.

The Convention was developed jointly by the OECD and the Council of Europe in 1988. It was amended in 2010 to respond to a call by the Group of Twenty (G-20) nations that it be aligned to the new international standard on the automatic exchange of information and that it be opened up to all countries.

TAGS: compliance | tax | business | tax compliance | law | Organisation for Economic Co-operation and Development (OECD) | Singapore | enforcement | offshore | agreements | G20 | tax reform | mutual assistance agreement | Europe | Tax | BEPS

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