SINGAPORE, May 14 (Reuters) - 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.