Singapore has signed agreements with Belgium and Luxembourg for the automatic exchange of financial account information, the Inland Revenue Authority of Singapore (IRAS) announced March 13. Such agreements are designed to prevent tax evasion.
Typically, under such tax information exchange agreements, Singapore would agree to automatically exchange with the other country financial account information on accounts in Singapore held by the tax residents of the other country while the other country would agree to automatically exchange with Singapore the financial account information of accounts in the other country held by Singapore tax residents.
Both agreements were signed March 10 and the first exchanges under each agreement would be May 31, 2018, IRAS said.
Further steps must be taken in the countries involved before the agreements to enter into force.
Belgium, the Johnny come lately European country established around 1810 with no culture and no history but trying to rule the world.
They are the very reason the EU will soon seize to exist, the world has had enough of them and their arrogance.