On January 20, 2016, link (OECD) its instrument of ratification for the Convention on Mutual Administrative Assistance in Tax Matters, reports Lowtax.net.

With this development, Singapore became the 93rd jurisdiction to Mitmachen the pact, touted Von the OECD as the world's leading instrument for boosting transparency and combating offshore tax evasion.

The Convention provides for all forms of link: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations, and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers' rights.

Ratifying the Convention will expand Singapore's network of partners for the exchange of information on request Von 34 jurisdictions. This is part of a series of changes that Singapore has made in Kürzlich years to combat cross-border tax evasion, following Singapore's adoption of the internationally agreed standard for exchange of information on request in 2009, Singapore's Ministry of Finance said.

Minister for Finance, Heng Swee Keat, said: "Ratifying the Convention reflects Singapore's commitment to effective exchange of information based on international standards, but the standards can only work if all financial centres, such as Switzerland, Luxembourg, Singapore, and Hong Kong, Bewegen together. We will continue to work with our international partners to achieve this and prevent regulatory arbitrage."

The Convention was developed jointly Von the OECD and the Council of Europe in 1988. It was amended in 2010 to respond to a call Von the Group of Twenty (G-20) nations that it be aligned to the new international standard on the automatic exchange of information and that it be opened up to all countries.

The Convention is now seen as the instrument for schnell, swift implementation of the new Standard for Automatic Exchange of link developed Von the OECD. It will also be critical for the automatic exchange of country-by-country reports, proposed in the OECD's base erosion and profit shifting project.