france singapore step up fight against tax cheats
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

France, Singapore step up fight against tax cheats

Arab Today, arab today

Arab Today, arab today France, Singapore step up fight against tax cheats

French Finance Minister Michel Sapin
Singapore - AFP

 France on Friday lauded Singapore for entering into a new pact that tightens measures against foreign tax cheats seeking to hide their assets in the Asian financial hub.
The revised agreement on double taxation, signed late Thursday by French Finance Minister Michel Sapin and his counterpart Tharman Shanmugaratnam, seeks to promote business ties between the two countries while plugging tax loopholes.
"We must improve information exchange between our two countries," Sapin told AFP on Friday in written remarks, before leaving for Indonesia as part of an Asian tour that also includes Japan.
"Our relations are already good but thanks to this agreement, we will be at a world-class standard in the fight against tax fraud and going after accounts that are kept hidden from tax authorities -- I don't need to spell it out for you."
French budget minister Jerome Cahuzac was forced to step down in March 2013 after being accused of having an undeclared Swiss bank account and moving assets to Singapore to hide them from tax authorities in France, where prosecutors want to bring him to trial.
The new French-Singapore agreement offers improved terms for companies in both countries.
"It also contains anti-abuse provisions that will enable us to fight against the kind of tax avoidance that some companies have been indulging in, while also permitting us to fine-tune other situations which can lead to double taxation of some companies," Sapin said.
"Beyond this agreement, we want to make sure that Singapore is truly part of this major international movement leading us to the automatic exchange of information between all countries. France has decided to do that with 60 other countries in 2017. Singapore is poised to make it in 2018."
The Paris-based Organization for Economic Cooperation and Development had initially included Singapore in a "grey list" of global tax havens but the island nation has since been removed after entering into tax data-sharing agreements with major partners.
Last month, Singapore signed an agreement to facilitate compliance by its financial institutions with US laws targeting Americans who use overseas accounts to evade taxes.
Singapore is one of the favourite Asian destinations of French companies and professionals. An estimated 15,000 French citizens now live in the wealthy city-state.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

france singapore step up fight against tax cheats france singapore step up fight against tax cheats

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

france singapore step up fight against tax cheats france singapore step up fight against tax cheats

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday