Exchange of information between countries on tax evasion

exchange of information between countries on tax evasion Like the UK, France and Germany is putting pressure on Switzerland to hand over information on untaxed assets. Other countries are also trying to obtain information regarding suspected tax evasion. India is also looking into the situation of Indian nationals who have failed to pay tax. India has managed to receive information about 1,500 transactions from Finish and Danish tax authorities relating to Indian nationals who failed to pay taxes in India by activating a special information exchange provision in Double Tax Agreements (DTA) between countries. Singapore is heavily used by Indian businessmen to hold money in bank accounts or do business through Singapore companies. Singapore is the third biggest investor in India. However, it is not that straightforward for tax authorities to obtain information. In a recent case in Singapore, the Comptroller of Income Tax (Singapore) v AZP, the Indian tax authorities requested information from the Comptroller of Income Tax, who in turn turned to the bank. The Singapore High Court rejected the request of the Indian tax authorities for the production of documents and bank statements held by a bank in Singapore with respect to an Indian National. The basis of rejection as stated by the Singapore High Court was that the requirement of 'foreseeable relevance' was not met under the provisions of the Double Taxation Avoidance Agreement between Singapore and India.

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