The protocol to the existing double taxation agreement between Singapore and Australia, which incorporates the internationally-agreed standard for exchange of tax information, will enter into force on 22 December 2010, reports Tax-News.

The protocol, signed on 8 September, will take effect as both countries have advised completion of their ratification procedures.

Nick Sherry, Australia’s former assistant treasurer, said that the enforcement is a “significant step in enhancing Australia's efforts to combat tax avoidance and stamp out evasion."