US, Singapore ink tax evasion deal

It'll take effect on 1 July.

According to a report by Reuters, Singapore has reached a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a U.S. Treasury Department spokeswoman said on Monday.

Set to take effect on July 1, the Foreign Account Tax Compliance Act of 2010 (FATCA) will require foreign banks, investment funds and insurers to hand over information about Americans' accounts that have more than $50,000 to the U.S. Internal Revenue Service.

Read full report here.

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