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Singapore and Australia Enhance Tax Cooperation

8 September 2009

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1. Singapore and Australia signed a protocol amending their standing Agreement for the avoidance of double taxation ("DTA") today.

2. Singapore's High Commissioner, His Excellency Albert Chua, and Australia's Assistant Treasurer, the Honourable Nick Sherry, signed the protocol in Canberra.

3. This is the sixth agreement Singapore has signed that incorporates the internationally agreed Standard for the exchange of information upon request for tax purposes.

4. The full text of the protocol will be made available 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

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