Singapore and the Netherlands Enhance Tax Cooperation

Singapore and the Netherlands signed a protocol amending their standing Convention for the avoidance of double taxation (DTA) on 25 August 2009.

2 The signing took place at the Hague between Minister for Finance, Mr Tharman Shanmugaratnam, and the Dutch State Secretary for Finance, Mr Jan Kees de Jager. At the signing, Minister Tharman and State Secretary de Jager affirmed both countries' commitment to elevate the level of bilateral cooperation in the exchange of information for tax matters, and agreed that both countries will re-negotiate the DTA in the near future.

3 This is the fifth agreement Singapore has signed that incorporates the internationally agreed Standard for the exchange of information upon request for tax purposes. Similar agreements with seven substantive economies have also been initialled to incorporate this Standard in our bilateral DTAs, and we expect to have them formally signed within the next few months. Singapore will continue to renegotiate and update other DTAs, including incorporating the Standard.

4 The full text of the protocol will be made available on the Inland Revenue Authority of Singapore's (IRAS) website at 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