Switzerland, Singapore arrange tax deal

1st September 2009, Comments 0 comments

Switzerland said on Monday that it arranged a double taxation agreement with Singapore to restrict tax cheats.

Zurich -- Switzerland said on Monday that it arranged a double taxation deal with Singapore to allow for data exchange to restrict tax cheats.

The accord, which has yet to be formally signed, is one of a series agreed by Switzerland under an OECD initiative.

Singapore's Double Taxation Agreement is the 14th negotiated after Denmark, Luxembourg, Norway, France, Mexico, the USA, Japan, the Netherlands, Poland, the United Kingdom, Austria, Finland and Qatar, a Swiss government statement said.

The initialled accord is the first step to a revised agreement, it said.

Details will not be released until the accord is formally signed.

Faced with international pressure, Switzerland announced earlier in 2009 it would ease banking secrecy rules and offer more assistance on tax offences.

Banking secrecy laws prohibit Swiss banks from revealing information to domestic or foreign authorities or any third parties about their clients, except in cases involving recognised criminal investigations.

In Switzerland, tax fraud is considered a crime while tax evasion is treated only as an offence, a distinction that does not exist in most other major economies.

But with the new bilateral deals, Switzerland can offer assistance on all tax offences that show evidence of tax violations.

 AFP / Expatica

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