24 October 2016
On 14 October 2016, Singapore and Korea 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 Korea’s Revenue Authorities, financial account information held in Singapore by Korea tax residents. Likewise, Korea’s Revenue Authorities will automatically exchange with IRAS, financial account information held by Singapore tax residents in Korea.
The first exchange 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.