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Mr Tharman told Parliament that the new standard enhances the scope of information exchange cooperation under the Avoidance of DTAs, by lifting the domestic interest condition and allowing for access to information from banks and trust companies under certain conditions. — ST PHOTO: STEPHANIE YEOW
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PARLIAMENT on Monday passed a bill that will align the local tax regime with international standards, beefing up its efforts to stave off cross-border tax evasion.
The latest amendment to the Income Tax Act will allow Singapore to implement the internationally-agreed standard for the exchange of information (EOI) for tax purposes on request. Continue reading
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