The Inland Revenue Authority of Singapore (IRAS) and the British tax authority Her Majesty's Revenue and Customs (HMRC) have inked a competent authority agreement to share financial account information.
The agreement is based on the Common Reporting Standard (CRS), endorsed by the Organisation for Economic Co-operation and Development (OECD) and Global Forum for Transparency and Exchange of Information for Tax Purposes.
IRAS in a statement said that it will begin AEOI under the CRS in 2018. Such exchanges will be carried out on a bilateral basis with jurisdictions with whom Singapore has signed agreements.
Under the agreement, IRAS will automatically exchange with the HMRC, financial account information of accounts held by UK tax residents in Singapore, while the HMRC will exchange with IRAS, financial account information of accounts held by Singapore tax residents in the UK.
Over 100 jurisdictions have endorsed the CRS and will begin the Automatic exchange of information (AEOI) in either 2017 or 2018.