Tax cheats are fast running out of tax shelters. The latest to submit to international standards are Singapore and Liechtenstein.
The former was removed from the OECD’s “grey” list on Wednesday and the latter today, after it signed its 12th bilateral information-sharing agreement with (ugh) the French. The city-state sought to reassure the many tax-evaders who have brought their money to its spit-and-gum-free shores, but methinks they doth protest too much.
“We will only provide assistance where there is a genuine case on hand, and the requested information is specific and relevant to the case,” Singapore’s finance minister, who has an impossibly long name, said when the country passed the law that made today’s deal possible. “Spurious or frivolous requests for information will not be acceded to. No more wire hangers!”
Whatever, Singapore. At least we’ll always have Delaware.
Singapore to join OECD tax ‘white list’ [FT]
have a great weekend shaz
Problem with Singapore government is it can easily be bullied and submit upon.
And Nevada, and South Dakota, and Wyoming,… But I digress.
I thought I’d use the 4th, and probably last, comment to say you’re doing great with the tags.
Singapore: report your taxes or else we’ll cane you?
FYI, Singapore and Liechenstein will only pass on information when they have a clear and specific request for information concerning a company of an individual. If people really believe that there will be a free flow of information between emerging “grey countries” and the US, they are sorely mistaken. Money greases the economies and that is paramount to survival. BTW, the French are a story unto themselves. I love them, am married to one, but they are one of the most egotisical races inhabiting this planet. Vive la France.