Singapore consults on int’l exchange of tax information

Added 11th July 2016

Singapore’s Ministry of Finance (MOF) has opened a public consultation on the automatic exchange of information (AEOI) in tax matters, known as the Common Reporting Standard.

Singapore consults on int’l exchange of tax information

The consultation was launched in conjunction with the Monetary Authority of Singapore (Mas) and the country’s Inland Revenue Authority (IRAS).

The three financial bodies have requested feedback on the draft Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016.

Under the proposal, the legislation would come into force from 1 January 2017.

Common Reporting Standard

The CRS is an internationally agreed standard for the automatic exchange of information, endorsed by the Organisation for Economic Cooperation and Development (OECD) and the Global Forum for Transparency and the Exchange of Information for Tax Purposes.

The standard sets out the information that can be exchanged, the financial institutions required to report, the accounts and taxpayers covered by the scope of the standard, as well as customer due diligence requirements.

More than 100 jurisdictions, including Dubai, Hong Kong, Luxembourg, and Switzerland have endorsed the CRS and will implement it in either 2017 or 2018.  

The public consultation will run from 11 July to 29 July 2016. To access the consultation document, click here

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

Features

US equities: If you can’t beat them, join them

US equities: If you can’t beat them, join them...

European investors have been dismissing US equities as too expensive for a couple of years. But as the S&P 500 continues to outperform other equity markets, appetite for the asset class is again on the...

Directories

Ashburton International
Ashburton International

Ashburton Investments is a new generation investment...

Tweets

Events

Future Advisory Forum Hong Kong 2016
Future Advisory Forum Hong Kong 2016

Tuesday 4th October 2016

Hong Kong

Future Advisory Forum Singapore 2016
Future Advisory Forum Singapore 2016

Thursday 6th October 2016

Singapore

Offshore Bond Workshop Manchester 2016
Offshore Bond Workshop Manchester 2016

12th October 2016
The Midland, Manchester

Future Advisory Forum Cape Town 2016
Future Advisory Forum Cape Town 2016

Tuesday 18th October
The Vineyard, Cape Town

Investment Strategy

Sponsored Content

OTHER STORIES FROM LAST WORD...