Singapore and Finland on November 22 signed an agreement committing to automatic exchange of information on the financial accounts of each other’s residents, the Inland Revenue Department of Singapore (IRAS) has announced.
The first submission of financial account information by Singapore-based financial institutions to IRAS would occur by May 31, 2018, and the first exchange with Finland would commence by September 2018, IRAs said.
The agreement, designed to reduce tax evasion, has not yet been ratified and thus does not yet have the force of law.
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