Data shar­ing helps fight tax eva­sion

China Daily (USA) - - BUSINESS -

Sin­ga­pore and Aus­tralia have agreed to au­to­mat­i­cally ex­change fi­nan­cial data of tax res­i­dents of the two coun­tries by Septem­ber 2018 in an ef­fort to prevent tax eva­sion. Off­shore wealth cen­ters Sin­ga­pore, Switzer­land andHongKong are among 101 ju­ris­dic­tions com­mit­ted to start ex­chang­ing in­for­ma­tion to com­bat tax eva­sion by 2018. “Both ju­ris­dic­tions are sat­is­fied with the con­fi­den­tial­ity rules and data safe­guards that are in place in the other ju­ris­dic­tion to en­sure the con­fi­den­tial­ity of in­for­ma­tion ex­changed and prevent its unau­tho­rized use,” Aus­tralian Tax­a­tion Of­fice and In­land Rev­enue Author­ity of Sin­ga­pore said in a joint state­ment.

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