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Everything you need to know about setting up and succeeding in Singapore
【Singapore Company Registration Tips】CRS Latest News: Singapore and Spain signed the "Automatic Exchange of Financial Account Information Agreement" yesterday. Let's take a look!
Singapore and Spain signed the "Automatic Exchange of Financial Account Information Agreement" yesterday. From the end of 2016 to May 2017, Singapore successively signed this agreement with 8 countries. Today, FOZL editor will tell you what the "Automatic Exchange of Financial Account Information Agreement" is all about?
Automatic Exchange of Information AEOI is under the CRS management, measures to detect and prevent tax evasion by taxpayers using offshore bank accounts by regularly exchanging financial account information between various jurisdictions for tax purposes.
CRS-common reporting standard is an internationally agreed standard on financial account information recognized by the OECD and the Global Forum on Tax Transparency and Exchange of Information. CRS lists the personal and corporate financial account information to be exchanged, the financial institutions that need to be reported, the different types of accounts involved, and the taxpayers and financial institutions' economic investigations of relevant clients. of procedures. CRS is built on the Foreign Account Tax Compliance Act (FATCA) reporting system to maximize efficiency and reduce the verification costs of various executing jurisdictions and their financial institutions.
More than 100 jurisdictions, including major financial centers such as Dubai, Hong Kong, Luxembourg and Switzerland, have signed the CRS and will be launched in 2017 or 2018. the automatic exchange of information. Singapore has pledged to implement CRS, with the first implementation to take place before September 2018. 。
Competent Authority Agreement ("CAA")
The Competent Authority Agreement specifies the types of information exchanged, the time and method of exchange, and the confidentiality and data protection measures to be observed in the exchange of information between two jurisdictions.
After Singapore signs a "Competent Authority Agreement" with other jurisdictions, the "Competent Authority Agreement" becomes a "Reportable Jurisdiction" for CRS. Singapore Financial Institutions (SGFI) will have to submit the financial accounts of tax residents of that "Reportable Jurisdiction" to the Singapore Inland Revenue Authority. If the actual controller of a passive non-financial institution is also a tax resident of that "Reportable Jurisdiction," then the account information of that passive non-financial institution also needs to be submitted.
Singapore has signed Competent Authority Agreements with the following countries:
| Jurisdiction | First Reporting Year | Effective Date | First Submission to SGFI (First Exchange) |
| Australia | 2017 | February 27, 2017 | May 31, 2018 (September 2018) |
| Belgium | 2017 | To be determined | May 31, 2018 (September 2018) |
| Canada | 2017 | February 27, 2017 | May 31, 2018 (September 2018) |
| Denmark | 2017 | To be determined | May 31, 2018 (September 2018) |
| Estonia | 2017 | To be determined | May 31, 2018 (September 2018) |
| Finland | 2017 | January 31, 2017 | May 31, 2018 (September 2018) |
France | 2017 | To be determined | May 31, 2018 (September 2018) |
| Guernsey | 2017 | To be determined | May 31, 2018 (September 2018) |
| Iceland | 2017 | January 31, 2017 | May 31, 2018 (September 2018) |
| Ireland | 2017 | January 31, 2017 | May 31, 2018 (September 2018) |
| Italy | 2017 | February 27, 2017 | May 31, 2018 (September 2018) |
Japan | 2017 | January 31, 2017 | May 31, 2018 (September 2018) |
| Korea | 2017 | February 27, 2017 | May 31, 2018 (September 2018) |
| Latvia | 2017 | February 27, 2017 | May 31, 2018 (September 2018) |
| Lithuania | 2017 | To be determined | May 31, 2018 (September 2018) |
| Luxembourg | 2017 | To be determined | May 31, 2018 (September 2018) |
| Malta | 2017 | January 31, 2017 | May 31, 2018 (September 2018) |
| Netherlands | 2017 | January 31, 2017 | May 31, 2018 (September 2018) |
| New Zealand | 2017 | To be determined | May 31, 2018 (September 2018) |
| Norway | 2017 | January 31, 2017 | May 31, 2018 (September 2018) |
| South Africa | 2017 | January 31, 2017 | May 31, 2018 (September 2018) |
| Spain | 2017 | To be determined | May 31, 2018 (September 2018) |
| United Kingdom | 2017 | January 31, 2017 | May 31, 2018 (September 2018) |
List of Participating Jurisdictions
Countries that have signed the Participating Jurisdiction have the following characteristics:
i) Have signed the automatic exchange of reportable account information agreement
ii) The country name is displayed in the published list
Countries that have already signed include:
Further Reading:
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Singapore Company Registration Tips: Tax Incentives for Registering a Company in Singapore
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