Singapore: Agreement with UK for AEOI | KPMG | US
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Singapore: Agreement with UK for AEOI

Singapore: Agreement with UK for AEOI

Representatives of the governments of Singapore and the United Kingdom have signed a competent authority agreement for the automatic exchange of financial account information (AEOI) based on the common reporting standard (CRS).


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According to a release from the Inland Revenue Authority of Singapore (IRAS), Singapore will commence AEOI under the CRS in 2018, with such exchanges to be conducted on a bilateral basis with those jurisdictions with whom Singapore has signed agreements. 

Singapore and the United Kingdom have agreed to begin AEOI under the CRS by September 2018. Under the agreement, the IRAS will automatically exchange with HM Revenue & Customs (HMRC), financial account information of those accounts in Singapore held by UK tax residents while the HMRC will automatically exchange with IRAS, financial account information of accounts in the United Kingdom held by Singapore tax residents. 

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