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SINGAPORE: Singapore and the UK have signed an agreement for the Avoidance of Double Taxation or DTA on Monday.
It incorporates the new internationally agreed standard for the exchange of information upon request for tax purposes.
The Ministry of Finance said this is the third agreement Singapore has signed since endorsing the new standard in March this year.
In a statement, Finance Minister Tharman Shanmugaratnam said the move will further strengthen relations between Singapore and the UK, while UK's Financial Secretary to the Treasury, Stephen Timms, said he is encouraged by Singapore's firm commitment to transparency and exchange of information.
Mr Timms added that Britain is the largest foreign investor in Singapore and 80 per cent of Singapore's investment in the European Union go into the UK. - CNA/vm
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