Singapore made its way to the "White List" (a list of jurisdictions considered to have a standard application of the OECD for transparency and exchange information) maintained by the Organization for Economic Cooperation and Development (OECD) after signing a bilateral information exchange 12 according to the French Government. The OECD requires a country to 12 for sealing these agreements before entering into the whitelist.
In early April 2009, countries Europe and the U.S. has launched a campaign against tax havens to avoid tax evasion efforts of citizens and enterprises with funds in these jurisdictions that were potentially out of reach of national tax authorities. That there were "gray list" of Singapore for the breach of exchange rules information and lack of legislation allowing the exchange of information with tax authorities.
Singapore will also play an active role in the Global Forum on transparency and exchange of information, including Vice President Global Forum Peer Review Group. Singapore Parliament has also the approval of legislative changes that allows for the exchange of information with tax authorities in other countries where specific information is requested. A Despite legislative changes to allow exchange of information will not entertain any "fishing expedition" by seeking no substantial basis or those that are frivolous must be avoided.
The finance minister also revealed plans of signing similar agreements with other countries, thereby sending a strong signal to the financial community and other governments, the effort of the State of the City to create a well-regulated and responsible financial competition. He soon signed a DTA with Brunei, which became 13 of that covenant. Singapore has signed similar agreements with Belgium, New Zealand, United Kingdom, Denmark, the Netherlands, Australia, Austria, Norway, Qatar, Mexico and Bahrain.
In the new world order emerging in Singapore is striving to remain competitive and attractive for companies and investors to park their assets. Singapore has the lowest tax rate, a thriving business ecosystem, political stability, a favorable business environment, high living standards and also diligently raises its value proposition immediately to confirm the changing economic environment.
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