3 March 2017

Singapore’s Competent Authority Agreements (CAA) agreements to exchange financial information for tax purposes under the Common Reporting Standard (CRS) with Australia, Canada, Italy, Korea and Latvia have entered into force on 27 February 2017.

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 full text of the CAAs are available on the IRAS website.

Source: Inland Revenue Authority of Singapore (IRAS)