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Singapore Announces DTA Protocols

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

10 December 2010


The Inland Revenue Authority of Singapore has announced that the protocols to the existing double taxation agreements (DTAs) between Singapore and France, Denmark and the United Kingdom will enter into force next month.

The protocols incorporate the internationally agreed standard for exchange of information into the standing DTAs. The protocol with France will enter into force from January 1, 2011, while the protocols with Denmark and the United Kingdom will be in force from January 8, 2011.

The protocols will give the tax authorities of all of the countries a greater ability to exchange taxpayer information on a wider range of taxes. They also provide that a tax authority cannot 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: tax | tax information exchange agreement (TIEA) | Denmark | law | Singapore | United Kingdom | agreements | legislation | France

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