17 March 2017
Singapore has signed the Competent Authority Agreement (CAA) on the automatic exchange of information (AEOI) under the Common Reporting Standard (CRS) with Belgium and Luxembourg on 13 March 2017 as well as Denmark on 15 March 2017.
Under the CAA, the Inland Revenue Authority of Singapore (IRAS) will automatically exchange on an annual basis with the Revenue Authorities of the reportable jurisdictions (i.e. the jurisdictions with which Singapore has signed CAA that has entered into force), financial account information held in Singapore by the respective tax residents of the reportable jurisdictions.
Likewise, the Revenue Authorities of those reportable jurisdictions will automatically exchange with IRAS, financial account information held by Singapore tax residents in their respective 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 CAA is awaiting ratification and does not have the force of law. The full text of the CAA is available on the IRAS website.