18 October 2012
On 14 October 2012, Singapore and Germany agreed to incorporate the internationally agreed Standard for Exchange of Information into their avoidance of double taxation agreement. The internationally agreed Standard will expand the scope of the exchange of information ie:
- The exchange of information will no longer depend on the taxpayer being resident in one of the contracting states.
- The requested state is also obligated to obtain information even in a case where it does not itself require the requested information for tax purposes.
- Banking secrecy will not constitute an obstacle to exchanging information.
- Both countries will explore ways to enhance bilateral cooperation on tax matters.
The agreement will come into force after ratification by both sides, and therefore does not have the force of law as yet.
Source: Ministry of Finance