Germany and Singapore signed tax evasion co-operation deal

Germany and Singapore signed tax evasion co-operation deal | Ritort

ritort.net 19 Oct '12, 11pm

Germany and Singapore signed tax evasion co-operation deal

The city-state of Singapore Germany and Singapore have agreed to increase the level of information they exchange in a bid to crack down on tax dodgers. The move comes after the German government signed a treaty with Switzerland targeting nationals who hide taxable income in Swiss banks . Germany has been wary of some of its citizens moving their funds to Asia. By its side, Singapore has been taking measures to clamp down on foreigners shifting their funds to the city-state to avoid paying taxes in their own country, last week, it announced plans to penalize banks that facilitate tax evasion. The Monetary Authority of Singapore said that financial institutions must develop and implement policies, controls and procedures to effectively detect and deter the laundering of proceeds from willful or fraudulent tax evasion through the financial system. Singapore, along with Hong K...

Full article: http://ritort.net/blog/2012/10/14/germany-and-singapore-s...

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