We are pleased to inform you that Singapore has been recently promoted on the OECD “white list” comprising countries that have substantially implemented the OECD’s internationally agreed 2008 Standard on the exchange of information (“New Standard”).

This was announced by the OECD when Singapore signed a protocol to its Double Tax Agreement (“DTA”) with France on 13 November 2009, bringing the number of DTAs meeting the New Standard to 12.

Singapore has formally re-negotiated its existing DTAs, taking into account the New Standard, with the following countries: Australia, Austria, Bahrain, Belgium, Brunei, Denmark, Finland, France, Malta, Mexico, the Netherlands, New Zealand, Norway, Qatar and the United Kingdom.

Furthermore, a new DTA incorporating the New Standard was recently signed with Georgia.

Singapore’s promotion to the OECD’s “white list” further confirms it’s strong credibility as an international business and wealth management centre underpinned by high standards of financial regulation, strict supervision and commitment to the international efforts to combat cross-border tax evasion.

For additional technical details on the recent evolution of Singapore and international standards of transparency and exchange of information for tax purposes, pleased do not hesitate to download our newsletter.