BERLIN (Reuters) - Germany and Singapore have agreed to cooperate more closely to reduce tax evasion, the German Finance Ministry said, amid signs that German tax evaders are moving funds to Asia's prominent wealth management center.
Recent media reports have suggested said that wealthy German citizens were shifting funds to Singapore from Switzerland, which signed a tax deal with Germany earlier this year.
The new agreement will come into effect once both countries have ratified it domestically and will allow the two states to obtain more information from each other. Full story
