Singapore Caves in to OECD Tax Treaties by PanamaLaw


									Singapore Caves in to OECD Tax Treaties
Executive Summary – Singapore long considered a secure tax haven for offshore banking
has caved in and passed a new tax law. This law allows the Singapore government to
request banking records on behalf of a foreign country suspecting tax evasion. The new law
is modeled after the OECD tax treaty. Previously the government of Singapore could only
request banking information in the case of domestic tax evasion, not at the request of a
foreign power. Of course the OECD tax treaties is being driven by the G-20 nation which
includes Saudi Arabia, Brazil, and Indonesia who have not signed any tax treaty yet pushing
other nations into doing so.

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