Singapore has signed multilateral framework agreements on bilateral cooperation on Automatic Exchange of Information (AEOI).
The city-state signed the Multilateral Competent Authority Agreements (MCAA) on the Automatic Exchange of Financial Account Information under the Common Reporting Standard (CRS) and the Exchange of Country-by-Country (CbC) Reports.
AEOI relationships remain bilateral under the MCAAs as signatories to the MCAA enter into AEOI on a bilateral basis with another signatory on a mutual consent basis.
The Ministry of Finance of Singapore in its press statement said that the signing of the agreements reaffirms the country’s commitment to the international standards on tax cooperation.
Singapore minister for finance Heng Swee Keat said: “As a business and financial hub, Singapore has earned a high level of trust and confidence. We take our commitment to international standards on tax cooperation seriously. Signing both MCAAs will allow Singapore to implement the international standards with our bilateral AEOI partners in an effective and efficient way.”
The statement added that Singapore will also want to ensure that there is a level playing field among all major financial centres in the case of CRS.
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The city-state will also consider engaging in automatic exchange of financial account information with regional jurisdictions which have the safeguards to ensure the confidentiality of information exchanged.