In a bid to curb tax evasion, the Inland Revenue Authority of Singapore (IRAS) has signed a competent authority agreement with the Australian Taxation Office (ATO) that will allow automatic exchange of financial account information (AEOI) based on the common reporting standard in the two countries.
The agreement will allow IRAS to share with ATO financial account information of accounts in Singapore held by Australian tax residents, and ATO to share financial data of accounts in Australia held by Singapore tax residents with IRAS.
Go deeper with GlobalData
The countries will begin the data exchange from September 2018.
"Both jurisdictions are satisfied with the confidentiality rules and data safeguards that are in place in the other jurisdiction to ensure the confidentiality of information exchanged and prevent its unauthorized use," the Australian Taxation Office and Inland Revenue Authority of Singapore said in a joint statement.
The CRS is a global standard endorsed by OECD and Global Forum for Transparency and Exchange of Information for Tax Purposes. Till date, over 100 jurisdictions have adopted the standard and are expected to start data exchange from 2017 or 2018.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
