Singapore, US agree to share information to combat tax evasion
Published on May 6, 2014 10:46 AM
Singapore and the United States have reportedly struck an agreement to share tax information with each other.
A US Treasury Department spokesman said the Foreign Account Tax Compliance Act of 2010 (Fatca) will tack effect on Jul 1, Reuters news agency reported.
The new law is meant to combat offshore tax dodging by Americans.
It will require foreign banks, investment funds and insurers to hand over information about Americans' accounts that have more than US$50,000 to the US Internal Revenue Service (IRS).
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!