11 October 2011
The Protocol to the standing Agreement for the Avoidance of Double Taxation (DTA) between Singapore and Uzbekistan will enter into force on 1 November 2011.
The Protocol will amend the Agreement signed on 24 July 2008 between the Government of the Republic of Singapore and the Government of the Republic of Uzbekistan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
The Protocol incorporates the internationally agreed Standard for exchange of information into the standing DTA, in particular, the new Article 25 ensures that a contracting State (i.e. Singapore or Uzbekistan) cannot decline to supply information requested by the other State solely because such information is held by a bank or other financial institution, nominee or person acting in an agency or a fiduciary capacity. This is to promote greater transparency as information exchanged could include information on companies, trusts, etc, as well information on their owners and beneficiaries.
For the full text of the Protocol, please click here.