UK- Singapore Tax agreement
A new protocol to the Double Taxation Agreement between the UK and Singapore was recently signed in Singapore by the Financial Secretary to the Treasury and Singapore’s Minister of Finance.
The protocol amends the Agreement in order to update the exchange of information clauses necessary to bring the Convention in line with the Organisation for Economic Co-operation and Development (OECD) model. Briefly, the changes allow for the exchange of information necessary to prevent fraud. The changes will amend the 1997 Double Taxation Agreement between the two countries.
The protocol will only take force once both countries have finalised their related legislative procedures.