New rules, tough talk as Singapore seeks to end tax haven image



As Singapore revels in its reputation as an open economy with the world's highest concentration of millionaires, the tiny island of 5.3 million people is also accused of being a magnet for tax evaders - an image it is vehemently seeking to banish.
Amid German concerns that its wealthy citizens are moving funds from Switzerland before a new German-Swiss tax treaty takes effect next year, Singapore and Germany said on Sunday they had agreed to bolster their double-taxation agreement with internationally agreed standards on information sharing.
"Banking secrecy will not constitute an... read more

 
14 October 2012 in Business, Views: 2
Source: Reuters
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