29 November 2011
Singapore and Canada signed a protocol on 29 November 2011 to incorporate the internationally agreed Standard for the exchange of information for tax purposes, upon request, in their existing bilateral Agreement for the Avoidance of Double Taxation (DTA).
The protocol will allow the tax authorities of both countries to exchange information that is foreseeably relevant to the correct application of a tax convention as well as for purposes of the administration and enforcement of domestic tax laws of the contracting states. A state cannot refuse a request for information solely because it has no domestic tax interest in the information (paragraph 4) or solely because it is held by a bank or other financial institution (paragraph 5). The original DTA was completed on 6 March 1976.
The protocol will enter into force after its ratification by both countries, and therefore does not have the force of law as yet.
To view the protocol, please click here.
Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit http://www.iras.gov.sg/ for more information.