Singapore Activated 61 Relationships for Automatic Exchange of Financial Account Information in 201815 Jan 2018
1 Singapore has activated 61 Automatic Exchange of Financial Account Information (“AEOI”) relationships for exchange in 2018. This reaffirms Singapore’s commitment to the international standards on transparency and tax cooperation.
2 The 61 relationships are established under bilateral Competent Authority Agreements for the Common Reporting Standard, or the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information under the Common Reporting Standard which Singapore is a signatory to. Please refer to Annex A for the list of the 61 jurisdictions.
3 More details on the 61 relationships can be found on OECD’s Automatic Exchange Portal.
4 The Common Reporting Standard (“CRS”) is an internationally agreed standard endorsed by the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes (“GF”). The Standard seeks to enhance cross-border tax transparency and deter tax evasion by taxpayers through the use of offshore bank accounts. Singapore endorsed the Standard in 2014.
Issued by Ministry of Finance
15 Jan 2018
Multilateral Competent Authority Agreement (“MCAA”)
The MCAA is a multilateral framework agreement that provides a standardised and efficient mechanism to facilitate the automatic exchange of information. It avoids the need for several bilateral agreements to be concluded. Its design as a framework agreement means the MCAA always ensures each signatory has ultimate control over exactly which exchange relationships it enters into and that each signatory’s standards on confidentiality, data protection and appropriate use of information always apply.
Under the MCAA, each jurisdiction is to file a notification which includes amongst others (i) a confirmation that the jurisdiction has the appropriate confidentiality and data safeguards in place; and (ii) whether the jurisdiction will exchange on a recriprocal basis or not.
Please see www.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/ for more details.
Automatic Exchange of Information (“AEOI”)
AEOI entails systematic and regular (such as annual) transmission of taxpayer information.
Standard for Automatic Exchange of Financial Account Information (also known as the Common Reporting Standard (“CRS”))
The CRS is an internationally agreed standard for the automatic exchange of financial account information, endorsed by OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes (“GF”). The CRS sets out the financial account information to be exchanged, the financial institutions (“FIs”) required to report, the different types of accounts and taxpayers covered, as well as the customer due diligence procedures to be followed by FIs.
9. Cayman Islands
12. Cook Islands
16. Czech Republic
19. Faroe Islands
29. Isle of Man
44. New Zealand
50. Russian Federation
51. Saint Vincent and the Grenadines
52. San Marino
53. Saudi Arabia
55. Slovak Republic
57. South Africa
60. United Kingdom