Singapore has reached an agreement with the United States on sharing tax information 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 has yet to finalize a deal.
Set to take effect on July 1, the Foreign Account Tax Compliance Act of 2010 (FATCA) will require foreign banks, investment funds and insurers to hand over information to the U.S. Internal Revenue Service about accounts with more than $50,000 held by Americans.
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