Singapore, Australia sign agreement to share information to combat tax evasion

Singapore and Australia’s tax offices have signed an agreement to share data in an effort to crack down on tax evasion, the Australian tax authority has announced.

A competent authority agreement, signed by tax officials September 6, provides that each country will automatically exchange information on the financial accounts of each others’ residents. The exchange is based on the internationally agreed-to common reporting standard.

Exchanges under the agreement would begin September 2018.

The agreement has not yet been ratified by the two countries, and is thus not in force.

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