1. The Tax Information Exchange Agreement (TIEA) between Singapore and the United States of America, signed on 13 November 2018, will enter into force on 5 March 2020.
2. The TIEA will permit Singapore and the United States of America to exchange information for tax purposes. This enhances tax cooperation between the two countries. Both countries are also working on the ratification of the reciprocal Foreign Account Tax Compliance Act Model 1 Intergovernmental Agreement (reciprocal FATCA IGA) by the end of 2020. This new reciprocal IGA will supersede the current non-reciprocal one when it enters into force.
3. The full text of the TIEA is available on the Inland Revenue Authority of Singapore’s website.
MINISTRY OF FINANCE
6 February 2020