Singapore Consults On Automatic Info Exchange
by Mary Swire, Lowtax.net, Hong Kong
13 July, 2016
Singapore's Ministry of Finance is inviting public feedback on draft regulations that would enable Singapore to automatically exchange tax-related information with other countries under the OECD's Common Reporting Standard (CRS).
Endorsed by the Organisation for Economic Co-operation and Development and the Global Forum for Transparency and Exchange of Information for Tax Purposes, 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.
More than 100 jurisdictions have committed to implement the Standard, including Singapore. Singapore intends to commence exchange of information under the Standard in 2018.
The draft Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 include the proposed list of financial institutions and accounts that are excluded from the scope of reporting, as well as the due diligence and reporting requirements to implement the CRS.
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