Singapore and the UK Sign Agreement for AEOI

On September 16, the Inland Revenue Authority of Singapore (IRAS) and Her Majesty’s Revenue and Customs (HMRC) signed a Competent Authority Agreement on the automatic exchange of financial account information (AEOI) based on the Common Reporting Standard.

Exchange of Information

Under the Agreement, the countries will automatically exchange financial account information of accounts in Singapore held by United Kingdom tax residents and those in the UK held by Singapore tax residents. The countries informed that they intend to improve international tax compliance by further building on their relationship with respect to mutual assistance in tax matters.

IRAS have further informed that Singapore will commence AEOI under the CRS in 2018. The information will be exchanged on a bilateral basis and will be subject to the following conditions:

  • First, there is a level playing field among all major financial centres to minimise regulatory arbitrage.
  • Second, we will only engage in AEOI with jurisdictions that have robust framework of law, and can ensure the confidentiality of information exchanged and prevent its unauthorised use.
  • Thirdly, there is full reciprocity with AEOI partners in terms of information exchanged.

Sources: IRAS, AEOI Agreement

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