The DTA is a bilateral agreement to share specific tax information, principally relating to criminal investigations of tax fraud.

The contract updates the exchange of information article of an existing agreement, signed in 1997, to bring it in line with current OECD standards and practices.

Singapore has only completed five DTAs, hence this agreement will not move it off the OECD grey-list of jurisdictions who have committed to sign 12 DTAs but as yet have not done so.

As of 25 August 46 financial jurisdictions, including the UK, qualified for the organisation’s white-list of those who have already fulfilled this commitment.

Before the DTA comes into effect, Singapore must amend its domestic law on exchange of information. Hence the UK will pass the protocol through its House of Commons first, before notifing Singapore.