SINGAPORE May 14 The Organisation for Economic
Cooperation and Development (OECD) on Tuesday welcomed
Singapore's decision to strengthen its international tax
cooperation framework, describing it as a "very significant
move" to improve information exchange.
"This is a very significant move. Not only Singapore has
decided to streamline their practice to exchange information on
request, but they will be exchanging information automatically
with the U.S.," Pascal Saint-Amans, director of OECD's Centre
for Tax Policy, told Reuters in an email.
"Their signing of the Multilateral Convention is also
impressive and shows that the move towards transparency is
really global with a key player like Singapore taking that
initiative," he added.
The OECD's Convention on Mutual Administrative Assistance in
Tax Matters provides a multilateral basis for a wide variety of
administrative assistance, including information exchange on
request, automatic exchange of information, simultaneous tax
examinations and assistance in the collection of tax debts.
Singapore, the world's fourth largest offshore financial
centre, earlier on Tuesday said it will adopt new measures to
make it easier to share information on potential tax evaders
with other countries.