Singapore signs CAAs on the automatic exchange

Singapore signed a Competent Authority Agreement (CAA) on the automatic exchange of information (AEOI) under the Common Reporting Standard (CRS) with France. It followed the signing of CAAs with Denmark on 15 March and with Belgium and Luxembourg on 13 March.

Under the CAA, the Inland Revenue Authority of Singapore (IRAS) will automatically exchange financial account information held in Singapore by the respective tax residents of the reportable jurisdictions with their respective revenue authorities on an annual basis. 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 financial institutions to IRAS is by 31 May 2018 for the calendar year 2017.