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Singapore TIEA Solidifies Bermuda's Asian Ties

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

02 November 2012


On October 29, 2012, at the Singapore High Commission in London, T Jasudasen, the High Commissioner of Singapore, and Bermuda’s Assistant Financial Secretary of Treaties, Wayne Brown, signed a tax information exchange agreement (TIEA) between their two countries.

The TIEA will allow the tax authorities of Singapore and Bermuda a greater ability to exchange information for tax purposes in accordance with the internationally agreed standard.

Information can apply to a wide range of taxes imposed in the two countries, and it is provided 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.

It was said that the TIEA, Bermuda’s 37th, is significant “as it solidifies Bermuda’s relationship within the Asian region and allows for greater diversification of Bermuda’s international business sector as Bermuda now has tax agreements with Singapore, Malaysia and Indonesia."

Brown noted that Bermuda looks forward “to strengthening its relationship with Singapore, which is looked at as Bermuda’s leading Asian economic partner driven by the shipping and the insurance sectors”.

“The signing of this TIEA,” he added, “allows Bermuda to utilize this opportunity to... publicly demonstrate our shared commitment to implementing the Global Forum on Exchange [of] Information for Tax Purposes’ internationally agreed tax standard... of which Bermuda is one of the vice chairs.”

The agreement will enter into force after its ratification by both jurisdictions.

TAGS: tax | business | offshore confidentiality | tax information exchange agreement (TIEA) | banking | Bermuda | Singapore | offshore | agreements

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