Global Fight Against Tax Evasion

Singapore continues efforts to incorporate the Exchange of Information Standard in its Taxation Agreements with latest signing with Italy

1. Singapore signed the Additional Protocol to the standing Agreement for the Avoidance of Double Taxation (DTA) between Singapore and Italy yesterday. This brings the total number of agreements that incorporate the internationally agreed Standard for the Exchange of Information upon request (the EOI Standard) to 28.

2. In recent years, fighting international tax evasion through implementing effective exchange of information has been a priority issue on the global agenda. The EOI Standard, endorsed by the United Nations Committee of Experts on International Cooperation in Tax Matters, sets out how tax jurisdictions should address cross border tax evasion by entering into effective information sharing agreements.

3. 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.

4. The Additional Protocol to the standing Agreement for the Avoidance of Double Taxation (DTA) between Singapore and Italy was signed in Singapore yesterday between Singapore's Permanent Secretary (Finance)(Performance), Ms Chan Lai Fung, and the Ambassador of Italy to Singapore, Dr Anacleto Felicani.

5. "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." Permanent Secretary (Finance)(Performance) Ms Chan Lai Fung remarked at the signing of the Singapore-Italy Additional Protocol.

6. The full texts of Singapore's agreements are available on the Inland Revenue Authority of Singapore's (IRAS) website.