UK, Singapore sign new tax avoidance protocol

Britain has reached a new agreement with Singapore regarding the exchange of information relating to taxation matters.

With Britain currently being the largest foreign investor in the Asian city-state and with 80 per cent of Singapore’s EU investments going into the UK, both parties cited excellent financial relations as a factor behind the new agreement.

Under the terms of the protocol, Singapore will work alongside the UK to adhere to the recently-announced international standard regarding the exchange of information upon request for tax purposes as nations look to clamp down on avoidance.

Speaking after the signing ceremony in Asia, Tharman Shanmugaratnam, Singapore’s minister for finance, said: ’Singapore has a long-standing and close relationship with the UK.

’We are pleased to further strengthen our relationship with the signing of this protocol to incorporate the new international Standard into our DTA with each other, and that the UK is amongst the first of several jurisdictions with which Singapore will be doing so.’

Earlier this month, Britain signed a deal with Liechtenstein aimed at encouraging around 5,000 Britons to declare the assets they hold in the tax haven.
ADNFCR-2318-ID-19327163-ADNFCR