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UK and Singapore sign data-sharing pact

Tom Burroughes, Editor, London, 29 September 2016

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The UK and Singapore, both major wealth management centres, have signed an agreement to automatically exchange data.

Singapore's tax authority has signed an agreement with the UK to combat tax evasion, the latest in a series of moves by the Asian city-state to clamp down on illicit money.

The Inland Revenue Authority of Singapore (IRAS) and its British counterpart, HM Revenue and Customs, have agreed to share financial account information, with the arrangement taking full force by September 2018.

The pact is based on the common reporting standard (CRS), the global set of reporting rules promulgated by the Organisation for Economic Co-operation and Development and the Global Forum for Transparency and Exchange of Information for Tax Purposes.

IRAS will automatically share with HMRC financial account information of accounts in Singapore held by UK tax residents, while HMRC will do the same with IRAS for the financial account information of accounts in the UK held by Singapore tax residents, it said.

Singapore and the UK will start exchanging information automatically in accordance with the CRS by September 2018, IRAS said. Singapore recently signed a similar agreement with Australia.

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