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.
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:
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