Direct Tax Press Release No. 402-92-2006-MC (15 of 2011), Dated: 24-06-2011
The Government of India signed a Protocol, amending Double Taxation Avoidance
Agreement (DTAA) with Government of Singapore for effective exchange of information in
the tax matters on 24th June, 2011. The Protocol as signed by Shri Prakash Chandra,
Chairman, Central Board of Direct Taxes on behalf of the Government of India and Ms.
Karen Anne Tan Ping Ming, High Commissioner of Singapore to India, on behalf of the
Republic of Singapore.
The negotiations for entering into an amending Protocol was completed in one round at
Singapore. Both India and Singapore have adopted internationally agreed standard for
exchange of information in tax matters. This standard includes the principles incorporated in
the new paragraphs 4 and 5 of OECD Model Article on 'Exchange of Information' and
requires exchange of information on request in all tax matters for the administration and
enforcement of domestic tax law without regard to a domestic tax interest requirement or
bank secrecy for tax purposes.
In the aftermath of the global financial crisis, there is increased recognition on part of
Governments that improvements in exchange of information in tax matters are a part of a
broader agenda to improve transparency and global governance. There is recognition that
effective and comprehensive exchange of information in tax matters is a vital part of the
ongoing efforts of revenue authorities to tackle international tax avoidance and evasion.
Towards that end, India and Singapore joined hands for effective exchange of information
including banking information.
This amending Protocol will go a long way in strengthening relationship between India and
Singapore and facilitate mutual co-operation by effective exchange of information in tax
matters between two countries.
The Government of India signed a Protocol, amending Double Taxation Avoidance
Agreement (DTAA) with Government of Singapore for effective exchange of information in
the tax matters on 24th June, 2011. The Protocol as signed by Shri Prakash Chandra,
Chairman, Central Board of Direct Taxes on behalf of the Government of India and Ms.
Karen Anne Tan Ping Ming, High Commissioner of Singapore to India, on behalf of the
Republic of Singapore.
The negotiations for entering into an amending Protocol was completed in one round at
Singapore. Both India and Singapore have adopted internationally agreed standard for
exchange of information in tax matters. This standard includes the principles incorporated in
the new paragraphs 4 and 5 of OECD Model Article on 'Exchange of Information' and
requires exchange of information on request in all tax matters for the administration and
enforcement of domestic tax law without regard to a domestic tax interest requirement or
bank secrecy for tax purposes.
In the aftermath of the global financial crisis, there is increased recognition on part of
Governments that improvements in exchange of information in tax matters are a part of a
broader agenda to improve transparency and global governance. There is recognition that
effective and comprehensive exchange of information in tax matters is a vital part of the
ongoing efforts of revenue authorities to tackle international tax avoidance and evasion.
Towards that end, India and Singapore joined hands for effective exchange of information
including banking information.
This amending Protocol will go a long way in strengthening relationship between India and
Singapore and facilitate mutual co-operation by effective exchange of information in tax
matters between two countries.
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