Singapore and Japan have signed a protocol to incorporate the new internationally agreed standard for the exchange of information for tax purposes upon request in their standing Agreement for the Avoidance of Double Taxation signed April 9, 1994.
The two governments have agreed to amend Article 26 of the agreement. Essentially, the two nations will exchange information relevant for carrying out the provisions of the agreement. The information shared must be kept confidential and used only for purposes stated under the agreement.
The protocol further says that if information is requested by a contracting state in accordance with the provisions of Article 26, the other contracting state shall use its information gathering measures to obtain the requested information, even though that other contracting state may not need such information for its own tax purposes.
The protocol was signed in Singapore by Moses Lee, Commissioner of Inland Revenue, and Makoto Yamanaka, Japan’s Ambassador to Singapore.
The protocol will enter into force after it's ratified by both countries.