Singapore and Brunei Enchance Tax Cooperation - First Protocol after Singapore Joins OECD's White List

1.         Singapore and Brunei signed a Protocol to incorporate the new internationally agreed Standard for the exchange of information for tax purposes in their standing Agreement for the Avoidance of Double Taxation ("DTA") on 13 November 2009. This is the first Protocol Singapore signed after joining the Organisation for Economic Co-operation and Development (OECD) white list of jurisdictions that have substantially implemented the Standard.

2.         Mrs Lim Hwee Hua, Minister Prime Minister's Office, Second Minister for Finance and Transport, signed the Protocol with His Excellency Pehin Dato Abd Rahman Ibrahim, Brunei's Finance Minister II, in Singapore.

3.         Mrs Lim Hwee Hua commented, "We are pleased to sign this agreement with Brunei. This agreement marks another significant milestone in the long-standing and special friendship between both countries."

4.         The full text of the protocol will be made available on the IRAS' website at http://www.iras.gov.sg. The protocol will enter into force after its ratification by both countries.