NEWS
Nov-15-2009 With the signing of it's 12th tax agreement, Singapore is the newest arrival on the OECD white list
Debby Davidson, AFP Group
On November 13 2009, Singapore signed an agreement with France to share tax information, allowing it to qualify for the OECD's white list of jurisdictions that have substantially tightened their rules.
This latest agreement with France marks Singapore's twelfth such agreement, and with this, Singapore qualifies for the Organisation for Economic Co-operation and Development's (OECD) white list of jurisdictions that have substantially implemented an internationally agreed standard regarding the exchange of information about tax.
On the same day, Singapore and Brunei signed a Protocol to incorporate the new internationally agreed standard for the exchange of information for tax purposes in their standing Agreement for the Avoidance of Double Taxation (“DTA”). This was the first Protocol that Singapore signed after joining the white list.
Singapore has signed similar agreements with Belgium, New Zealand, the United Kingdom, Denmark, the Netherlands, Australia, Austria, Norway, Qatar, Mexico and Bahrain. The agreements allow for the exchange of information, including bank account information, that countries need to enforce their domestic tax laws.
The agreement was signed by Singapore's minister for finance, Tharman Shanmugaratnam, and the French minister for the economy, industry and employment, Christine Lagarde.
"I am pleased that we are enhancing our tax co-operation with France, a major economic partner for Singapore," said Shanmugaratnam in a written statement. "Like Singapore's high ratings by the Financial Action Task Force (FATF) for its role in the global anti-money-laundering effort, these recent steps are consistent with our role as a responsible and well-regulated financial jurisdiction."