Singapore's TIE Protocols With Italy, Bahrain Ratified

By Editorial 05 September, 2012

Protocols which incorporate the internationally-agreed standard for the exchange of information for tax purposes into the existing bilateral double taxation agreements (DTAs) between Singapore and both Italy and Bahrain have now been ratified by all parties.

The terms of the Protocols, giving their tax authorities a greater ability to exchange taxpayer information, apply to “taxes of every kind and description” imposed in the countries and it is provided that no tax authority can refuse to provide information solely because it does not require the information for its own domestic purposes, or because the information is held by a bank or similar institution.

The protocol to the DTA between Singapore and Italy, that was signed on May 24, 2011, entered into force on August 30, 2012, while the protocol to the DTA between Singapore and Bahrain, that was signed on October 14, 2009, will enter into force on September 29, 2012.

Tags: Expatriates | Compliance | Tax | Tax Information Exchange Agreement (TIEA) | Double Tax Agreement (DTA) | Tax Compliance | Law | Banking | Bahrain | Singapore | Offshore | Agreements | Italy |


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