24 December 2016
Singapore has signed Competent Authority Agreements (CAA) on the automatic exchange of information (AEOI) under the Common Reporting Standard (CRS) with the following countries:
- Iceland – 15 December 2016 (date of signing)
- Malta – 19 December 2016
- Ireland – 21 December 2016
- Latvia – 21 December 2016
Under the CAA, the Inland Revenue Authority of Singapore (IRAS) will automatically exchange on an annual basis with the respective countries’ Revenue Authorities, financial account information held in Singapore by the respective countries’ tax residents. Likewise, the respective countries’ Revenue Authorities will automatically exchange with IRAS, financial account information held by Singapore tax residents in those countries.
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 CAAs are awaiting ratification and do not have the force of law. The full text of the CAAs are available on the IRAS website.