Singapore’s government has proclaimed that, by incorporating an exchange of information protocol within its existing double taxation agreement (DTA) with Italy, it is continuing its efforts to counter international tax evasion.
The signing on May 24 of the additional protocol to the DTA took place in Singapore between Singapore’s Permanent Secretary (Finance)(Performance), Chan Lai Fung, and the Ambassador of Italy to Singapore, Anacleto Felicani.
Its completion brings the total number of agreements signed by Singapore that incorporate the internationally-agreed standard for the exchange of information upon request (the EOI Standard) to 28. Singapore endorsed the EOI Standard in March 2009 and had since signed agreements that incorporate the EOI Standard with jurisdictions such as Spain, France, China, Japan and South Korea, amongst others.
At the signing, Chan Lai Fung said: “Singapore takes a serious view of tax evasion and remains committed to cooperation with our treaty partners in the area of information exchange under the EOI Standard. I am very pleased that the additional protocol to our treaty with Italy will elevate the level of tax cooperation between our two countries.”
The original DTA was signed in Singapore on January 29, 1977. The additional protocol will enter into force after its ratification by both countries
The signing on May 24 of the additional protocol to the DTA took place in Singapore between Singapore’s Permanent Secretary (Finance)(Performance), Chan Lai Fung, and the Ambassador of Italy to Singapore, Anacleto Felicani.
Its completion brings the total number of agreements signed by Singapore that incorporate the internationally-agreed standard for the exchange of information upon request (the EOI Standard) to 28. Singapore endorsed the EOI Standard in March 2009 and had since signed agreements that incorporate the EOI Standard with jurisdictions such as Spain, France, China, Japan and South Korea, amongst others.
At the signing, Chan Lai Fung said: “Singapore takes a serious view of tax evasion and remains committed to cooperation with our treaty partners in the area of information exchange under the EOI Standard. I am very pleased that the additional protocol to our treaty with Italy will elevate the level of tax cooperation between our two countries.”
The original DTA was signed in Singapore on January 29, 1977. The additional protocol will enter into force after its ratification by both countries
