Singapore and the United Kingdom Sign Agreement for Automatic Exchange of Financial Account Information
The Inland Revenue Authority of Singapore (“IRAS”) and Her Majesty’s Revenue and Customs (“HMRC”) signed a Competent Authority Agreement (“Agreement”) on the automatic exchange of financial account information (“AEOI”) based on the Common Reporting Standard (“CRS”) on 16 September 2016.
The CRS is an internationally agreed standard for AEOI, endorsed by OECD and Global Forum for Transparency and Exchange of Information for Tax Purposes (“GF”). More than 100 jurisdictions have endorsed the CRS and will commence AEOI in either 2017 or 2018.
Singapore and the United Kingdom will commence AEOI under the CRS by September 2018. Under the Agreement, IRAS will automatically exchange with the HMRC, financial account information of accounts in Singapore held by United Kingdom tax residents while the HMRC will automatically exchange with IRAS, financial account information of accounts in the United Kingdom held by Singapore tax residents.
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