CANBERRA: Singapore and Australia have agreed to automatically exchange financial data of tax residents of the two countries by September 2018 in an effort to prevent tax evasion. Offshore wealth centers Singapore, Switzerland and Hong Kong are among 101 jurisdictions committed to start exchanging information to combat tax evasion by 2018. Last year Singapore, a trading hub for the world’s largest commodity companies, came under scrutiny from the governments of some resource-producing countries such as Australia who said they suspect the companies are using units based in the city-state to avoid tax.
Experts call for strong regulations, mutual recognition to reduce business costs
ISLAMABAD: Business heads and policymakers have demanded of the government to bring about coordinated regulatory reforms, harmonized standards and stronger...
