"Singapore Caves in to OECD Tax Treaties"
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. http://www.panamalaw.org