Singapore signs agreement with Norway and South Africa to exchange financial information for tax purposes under CRS

7 November 2016

Singapore has signed Competent Authority Agreements (CAA) on the automatic exchange of information (AEOI) under the Common Reporting Standard (CRS) with South Africa and Norway on 24 October and 25 October 2016 respectively.

For both CAAs, the first exchange will take place by September 2018. The first submission required from Singapore-based FIs (SGFIs) to the lnland Revenue Authority of Singapore (IRAS) is by 31 May 2018 for the calendar year 2017.

The CAAs are awaiting ratification and do not have the force of law. The full texts of the CAAs are available on the IRAS website.

Source: IRAS