Signing of Protocol Amending Agreement Between Singapore and Belgium for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income

The Government of the Republic of Singapore and the Government of the Kingdom of Belgium today signed a protocol amending the Agreement for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income ("DTA"). The terms of the protocol, which incorporate the new internationally agreed Standard on Exchange of Information, will permit Belgium and Singapore to enhance their cooperation on the exchange of information for tax matters upon request. This includes information that may be held by a bank or trust company, regardless whether the information relates to a domestic tax matter at hand.

2. The signing took place in Brussels between His Excellency Mr Anil Kumar Nayar, Ambassador of Singapore to Belgium, and the Deputy Prime Minister and Minister of Finance of Belgium, Mr Didier Reynders.

3. The existing Singapore-Belgium DTA was signed on 6 November 2006 and came into force on 27 November 2008. The protocol amends Article 25 (Exchange of Information) in the Agreement to incorporate the internationally agreed Standard for the exchange of information for tax purposes. This follows Singapore's endorsement of the internationally agreed Standard for exchange of information on 6 March this year. Discussions are on-going with other countries to conclude or update DTAs which incorporate the Standard, subject to mutual balance of benefits. The protocol with Belgium is the first of such agreements.

4. The full text of the protocol is on the Inland Revenue Authority of Singapore's (IRAS) website at http://www.iras.gov.sg. The protocol will enter into force after Singapore's legislative amendments to give effect to the internationally agreed Standard have been approved by Parliament and gazetted into law, and the ratification procedures have been completed by both countries.

MINISTRY OF FINANCE