Singapore and Bermuda sign TIEA

1 November 2012

Singapore and Bermuda signed a Tax Information Exchange Agreement (TIEA) on 30 October 2012.  The objective of the TIEA is to allow the exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of Singapore and Bermuda concerning taxes covered by the Agreement. Such information shall include information that is foreseeably relevant to the determination, assessment and collection of such taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of tax matters.

The TIEA will come into force once both countries give legal effect to it.

Source: Inland Revenue Authority of Singapore (IRAS)