Arab Today, arab today singapore to provide information on us bank deposits
Last Updated : GMT 17:37:21
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Singapore to provide information on US bank deposits

Arab Today, arab today

Arab Today, arab today Singapore to provide information on US bank deposits

Singapore - AFP

 Singapore said Tuesday it has agreed to give the United Statesinformation on bank deposits by American individuals and corporations to help itdeter tax evasion.A joint statement by the finance ministry, central bank and internal revenueauthority said the two countries had "substantially concluded" talks on an accordthat will ease compliance with a US law requiring such information.The Foreign Account Tax Compliance Act targets Americans using overseas bankaccounts to avoid paying taxes at home.It requires financial institutions outside the United States regularly to submitinformation on accounts held by Americans to the US Internal Revenue Service (IRS). The US government can impose a 30 percent withholding tax on certain grosspayments made from the United States to non-compliant foreign financialinstitutions.Under the bilateral agreement, financial institutions based in Singapore -- includinglocal branches of foreign banks -- will provide information on Americans' bankaccounts to Singapore's tax authority, which will then pass on the details to the IRS.The agreement will be signed later this year, the statement said.The United States is cracking down on tax cheats who hide their incomes infinancial safe havens such as Switzerland.Singapore, a global financial centre and major player in the  wealth management industry, has rejected accusations that it is a haven for foreign tax cheats.Last year the government vowed to implement measures that would make it easierto share information with other countries on cross-border tax evaders trying to hideassets in the city-state.It has amended laws so that the local revenue authority will no longer need a courtorder to get information from banks on accounts of suspected tax dodgers at therequest of a foreign government.Handling proceeds from tax evasion has also been made a crime.French authorities last year sought Singapore's help with an international probeinto suspected tax fraud by a former budget minister.Jerome Cahuzac stepped down last year after prosecutors announced there would bea full criminal inquiry into allegations that he had an undeclared bank account inSwitzerland. He is also suspected of moving assets to Singapore to hide them fromthe tax authorities.Assets managed by fund managers in Singapore totalled Sg$1.63 trillion ($1.33trillion) as of the end of 2012, the central bank said.

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