The US and Singapore governments signed a new agreement for the exchange of information relating to taxes on November 13, US Treasury has announced.
The agreement provides that the competent authorities of the two countries shall provide assistance to each other through an exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the countries concerning taxes covered by the agreement.
The two countries also recently signed a superseding Model 1 FATCA intergovernmental agreement, the US announced.
The US and Singapore had previously signed a Model 1 FATCA agreement on December 9, 2014. The superseding agreement notes that Singaporean financial institutions have been unable to comply with certain aspects of FATCA due to domestic legal impediments.
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