On September 6, the Inland Revenue Authority of Singapore has informed that Singapore and Australia have entered into a Competent Authority Agreement on the automatic exchange of financial account information (AEIO) based on the Common Reporting Standard (CRS).
Last year, Singapore came under scrutiny from the Australian government, which suspected that the multinational companies are using establishments in Singapore to avoid tax. The Australian Taxation Office has audited the multinationals for using Singapore hubs, arguing that the profits sent there are artificially inflated.
The Inland Revenue Authority of Singapore (IRAS) and the Australian Taxation Office (ATO) have entered into a Competent Authority Agreement on the automatic exchange of financial account information (AEOI) based on the Common Reporting Standard. Singapore and Australia will commence AEOI under the CRS by September 2018.
"With the Agreement, Singapore and Australia have taken another step in enhancing cooperation to support greater tax transparency and fight against tax evasion. Both jurisdictions will work toward implementing AEOI with other major financial centres to ensure a level playing field," Singaporean Inland Revenue informed.
“Both jurisdictions are satisfied with the confidentiality rules and data safeguards that are in place in the other jurisdiction to ensure the confidentiality of information exchanged and prevent its unauthorized use,” Australian Taxation Office and Inland Revenue Authority of Singapore said in a joint statement.
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