It’s a bid to combat cross-border tax evasion.
Singapore is bearing down on cross-border tax evasion as it deposited its instrument of ratification for the Convention on Mutual Administrative Assistance in Tax Matters.
According to an announcement by the Ministry of Finance (MOF), the multilateral agreement enhances Singapore’s international tax cooperation framework. Besides Singapore, 91 other jurisdictions—including all G20 countries, most OECD countries and major financial centres like Luxembourg and Switzerland—have signed the convention.
“Ratifying the Convention will expand Singapore’s network of partners for exchange of information on request by 34 jurisdictions. This is part of a series of changes that Singapore has made in recent years to combat cross-border tax evasion, following Singapore’s adoption of the internationally agreed standard for exchange of information on request in 2009,” stated MOF.
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