On November 16, Singapore and Canada concluded an Agreement on the Automatic Exchange of Financial Account Information to Improve International Tax Compliance. The two countries will commence the Automatic Exchange of Information under the CRS by September 2018.
Automatic exchange of information (“AEOI”) based on the CRS refers to the regular exchange of financial account information between jurisdictions for tax purposes, with the objective of detecting and deterring tax evasion by taxpayers through the use of offshore bank accounts. Information of the first reporting year 2017 will be exchanged in 2018. Until now, Singapore has concluded Competent Authority Agreements (CAA) with 8 countries.
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