Singapore Agrees to Exchange Information with South Africa and Norway

On October 26, the Inland Revenue Authority of Singapore announced that Singapore has signed agreements for automatic exchange of financial account information (AEOI) with South Africa and Norway.

Automatic Exchange of Information

The AEOI is based on the Common Reporting Standard (CRS) and allows countries to automatically exchange financial account information for tax purposes. The AEOI allows countries to detect tax evasion by taxpayers through the use of offshore bank accounts. Singapore has committed to implement the CRS, with the first exchange to take place by September 2018. Currently, Singapore has agreed with 6 countries, including Australia, United Kingdom, Japan and Korea.

The Information to Be Exchanged Include:

  • basic identity and bank information including the account balance or value;
  • in the case of any depository account, the total gross amount of interest paid or credited;
  • in the case of any custodial account
    • the total gross amount of interest, the total gross amount of dividends, and the total gross amount of other income generated with respect to the assets held in the account;
    • the total gross proceeds from the sale or redemption of financial assets paid or credited to the account during the calendar year or other appropriate reporting period with respect to which the reporting financial institution acted as a custodian, broker, nominee, or otherwise as an agent for the account holder;
  • in the case of any account not described in subparagraph 2(e) or (f), the total gross amount paid or credited to the account holder, including the aggregate amount of any redemption payments made to the account holder.

Sources: IRAS - AEOI CRS, Agreement with Norway, Agreement with South Africa

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