Singapore and India have signed a protocol to incorporate the internationally-agreed Organization for Economic Cooperation and Development standard for the exchange of information for tax purposes, upon request, into their existing double taxation agreement.
The protocol was signed in New Delhi on June 24 by Singapore's High Commissioner to India, Karen Tan, and the Chairman of India's Central Board of Excise and Customs, Shri Prakash Chandra. The original DTA was signed on January 24, 1994.
The amending protocol will give the tax authorities of both countries a greater ability to exchange taxpayer information and to exchange information on a wider range of taxes. It also provides that neither tax authority can refuse to provide information solely because it does not require the information for its own domestic purposes, or because the information is held by a bank or similar institution.
It is therefore hoped that the protocol will go a long way in strengthening the relationship between India and Singapore. The protocol will enter into force after its ratification by both countries.
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The protocol was signed in New Delhi on June 24 by Singapore's High Commissioner to India, Karen Tan, and the Chairman of India's Central Board of Excise and Customs, Shri Prakash Chandra. The original DTA was signed on January 24, 1994.
The amending protocol will give the tax authorities of both countries a greater ability to exchange taxpayer information and to exchange information on a wider range of taxes. It also provides that neither tax authority can refuse to provide information solely because it does not require the information for its own domestic purposes, or because the information is held by a bank or similar institution.
It is therefore hoped that the protocol will go a long way in strengthening the relationship between India and Singapore. The protocol will enter into force after its ratification by both countries.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.