19 September 2016
On 16 September 2016, Singapore and United Kingdom’s (UK) revenue authorities signed a Competent Authority Agreement (CAA) on the automatic exchange of information (AEOI) under the Common Reporting Standard (CRS).
Under the CAA, the Inland Revenue Authority of Singapore (IRAS) will automatically exchange on an annual basis with the Her Majesty’s Revenue and Customs (HMRC), financial account information held in Singapore by UK tax residents Likewise, HRMC will automatically exchange with IRAS, financial account information held by Singapore tax residents in the UK.
The first exchange by IRAS and HRMC will take place by September 2018.
The first submission required from Singapore-based FIs (SGFIs) to IRAS is by 31 May 2018 for the calendar year 2017.
The CAA is awaiting ratification and does not have the force of law. The full text of the CAA is available on the IRAS website.