Singapore and UK tax authorities agree to automatic exchange of financial account information

The Inland Revenue Authority of Singapore has announced that Singapore and the United Kingdom have signed a competent authority agreement establishing automatic exchange of financial account information (“AEOI”) based on the common reporting standard.

Singapore confirmed that it will commence AEOI with the UK beginning in 2018.

Under the agreement, signed September 16, Singapore will automatically exchange with the UK tax authority financial account information of accounts in Singapore held by United Kingdom tax residents while the HMRC will automatically exchange with IRAS, financial account information of accounts in the United Kingdom held by Singapore tax residents.

The agreement is designed to combat tax evasion.


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