Singapore And Japan Add TIEA Protocol To DTA
Friday, February 5, 2010
Singapore and Japan have signed a protocol to incorporate into their existing
double taxation agreement (DTA) the new internationally-agreed Organization
for Economic Cooperation and Development standard for the exchange of information
for tax purposes.
The protocol was signed in Singapore on February 4 by Moses Lee, Singapore’s
Commissioner of Inland Revenue, and Makoto Yamanaka, Japan’s Ambassador
to Singapore. The original DTA was signed on April 9, 1994.
The protocol will give the tax authorities of both countries a greater ability
to exchange taxpayer information and to exchange information on a wider range
of taxes. It also provides that neither tax authority can refuse to provide
information solely because it does not require the information for its own domestic
purposes, or because the information is held by a bank or similar institution.
The protocol will enter into force on the thirtieth day following notification
of the completion of ratification procedures by both countries.