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SINGAPORE: Singapore is on track to being removed from the Organisation of Economic Cooperation and Development's grey list of financial jurisdictions.
It is scheduled to sign its 12th Avoidance of Double Taxation Agreement or DTA with France this Friday.
The OECD's grey list groups jurisdictions that had committed to the globally-agreed standard for the exchange of tax information, but had not substantially implemented it.
To be removed from the grey list, a country needs to sign at least 12 agreements on the new standard.
According to a Reuters report, the agreement features the new internationally-agreed standard that requires governments to disclose financial information when specific foreign requests are made to chase tax evaders.
The Singapore Finance Ministry declined to comment when contacted by MediaCorp.
Singapore endorsed the OECD Standard for the exchange of tax information in March. Since then, it has renegotiated existing agreements with various countries.
Singapore has also signed new agreements with jurisdictions including Mexico, Qatar, Norway and Britain.
Last month, the Singapore Parliament passed a law for the exchange of tax information with other countries.
The new law also included safeguards to ensure that requests for information are only acceded to where they are clear, specific, relevant and consistent with the Standard. - CNA/vm
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