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    Singapore top destination for tax dodgers

    Singapore top destination for tax dodgers

    Tax system does not force ex-pats to report account details to home tax authority

    Author Date published June 19, 2007 Categories

    The former British
    colony of Singapore     is becoming a haven for tax dodgers to hide their
    offshore earnings, according to website
    citywire.co.uk.

    It reported that while Singapore has a stable banking system it has not
    signed the EU Savings Directive which obliges banks paying interest on ex-pat
    accounts to report the details to the customer’s home tax authority.

    Furthermore, research by foreign exchange dealer
    Currencies Direct found that the
    majority of its transfers are made by UK residents looking to emigrate or
    purchase property abroad.

    Further reading:

    Deloitte appoints CEO for Asia Pacific region

    Deloitte sets up Asian network

    Pension deficit treatment varies among markets

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