TaxPersonal TaxSingapore 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

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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