English | دری

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.

Related Articles

Samsung S6 with curved screen unveiled

Samsung releases the next version of its Galaxy model with regular Samsung Galaxy S6 and Galaxy S6 Edge. Both have

Indian Government Wins Vote on Retail Reform

India’s minority government narrowly won a final vote in parliament on Friday for its controversial move to allow in foreign

Apple Pulled out of the Electronic Product Environmental Assessment Tool

The organizers of Electronic Product Environment Assessment Tool (EPEAT) announced last week that Apple was withdrawing its products from registry

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.