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Singapore and Germany agree to crack down on tax dodgers

in International Business

Singapore and Germany agree to crack down on tax dodgers

Singapore and Germany have agreed to tackle tax evasion by increasing the level of information they exchange.

Singapore is seen as the next haven for foreign nationals to hide their wealth from authorities in their own countries.

For a long time Switzerland was serving as the best place for money laundering, as the foreigners operating bank accounts in Switzerland have been provided with complete secrecy by the country’s banking laws.

In August 2011, the Swiss government agreed to tax money held by UK taxpayers in Swiss bank accounts for the first time.

In November, Swiss bank Credit Suisse sent letters to some US clients saying their account details might be given to the Internal Revenue Service.

Recently, Berlin signed a treaty with Switzerland targeting nationals who hide taxable income in Swiss banks.

There has been rising concerns in Germany about some of its citizens moving their funds to Asia, mainly Hong Kong and Singapore.

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