Singapore Activated Three New Relationships For Automatic Exchange Of Financial Account Information In 201809 Apr 2018
1 Singapore has activated three new Automatic Exchange of Financial Account Information (“AEOI”) relationships under the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information under
the Common Reporting Standard (“CRS MCAA”) with China, Malaysia and Panama for exchange in 2018.
2 A total of 64 AEOI relationships have been established for the first exchange to take place in 2018. Please refer to Annex A for the list of the 64 jurisdictions.
3 More details on the 64 relationships can be found on OECD’s Automatic Exchange Portal and IRAS’ Common Reporting Standard webpage.
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 CRS seeks to enhance cross-border tax transparency and deter tax evasion by taxpayers through the use of offshore bank accounts. Singapore endorsed the CRS in 2014.
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 https://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.
New AEOI relationships are in bold.
9. Cayman Islands
13. Cook Islands
17. Czech Republic
20. Faroe Islands
30. Isle of Man
46. New Zealand
53. Russian Federation
54. Saint Vincent and the Grenadines
55. San Marino
56. Saudi Arabia
58. Slovak Republic
60. South Africa
63. United Kingdom
Issued by Ministry of Finance
09 Apr 2018