15 May '13, 4am

Taxman to get easier access to guarded data

[SINGAPORE] Income tax authorities will no longer need to get a court order to obtain client information from banks and trusts in Singapore. This will not only lift the veil further on banking secrecy, but will also help crack down on tax cheats. To safeguard its reputation as a financial centre, Singapore is significantly strengthening its framework for international cooperation to combat cross-border tax offences, the government said yesterday. Effective from January 2014, the changes will extend exchange of information (EOI) agreements to 83 jurisdictions, from 41 currently, and remove the need to get a court order to obtain bank and trust information from financial institutions. Singapore will also conclude an inter-governmental agreement with the United States that will provide automatic information sharing by financial institutions here to comply with the Foreign Acc...

Full article: http://forums.condosingapore.com/showthread.php?p=397403#...

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