Singapore joins OECDs multilateral tax convention
On May 1st 2016 the OECD (Organisation for Economic Cooperation and Development) implemented a convention on Mutual Administrative Assistance relating to tax matters in Singapore, effectively establishing these requirements on a multilateral level.
Singapore officials approved the convention at the start of 2016 in order to improve tax transparency and stop international tax dodging.
Going forward, the Convention will give the Inland Revenue Authority of Singapore permission to request information from other jurisdictions tax authorities, as well as seeking assistance from law enforcement agencies to collect any outstanding tax debts from residents.
The Convention was originally established by both the Council of Europe and the OECD together in 1988. It was updated in 2010 in response to the original 20 countries (G20 nations) that it be brought up to date with the new international standard on the automatic exchange of information and applied to all OECD members worldwide.
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