Now Everything Is Illegal In Singapore

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Including evading U.S. taxes.

Singapore has reached a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a U.S. Treasury Department spokeswoman said on Monday.

The deal, which was expected for more than a year, will make it much easier for institutions in one of Asia's biggest wealth management centers to comply with U.S. rules, and puts it ahead of rival Hong Kong which is yet to finalize a deal….

Like most of the other FATCA deals, the Singapore agreement will allow firms to report U.S. account-holder information to their local tax authority, which will send it along to the IRS, saving them from dealing directly with the U.S. tax authorities.

U.S., Singapore reach agreement on tax evasion: U.S. Treasury [Reuters]

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