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Singapore-India DTA Protocol Comes Into Force

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

15 August 2011


The second protocol to the existing double taxation agreement (DTA) between Singapore and India, which incorporates the internationally-agreed Organization for Economic Cooperation and Development standard for the exchange of information for tax purposes, will enter into force on September 1, 2011.

The amending protocol to the DTA, which was itself completed in January 1994, was signed in New Delhi on June 24 this year. It is hoped that the protocol will go a long way in strengthening the relationship between India and Singapore.

It gives the tax authorities of both countries a greater ability to exchange taxpayer information and to exchange that 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.

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
TAGS: compliance | tax | tax information exchange agreement (TIEA) | tax compliance | India | law | Singapore | agreements | legislation | legislation amendments

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