The Inland Revenue Authority of Singapore (“IRAS”) and the Australian Taxation Office (“ATO”) have entered into a Competent Authority Agreement (“Agreement”) on the automatic exchange of financial account information (“AEOI”) based on the Common Reporting Standard (“CRS”). The CRS is an internationally agreed standard for AEOI, endorsed by OECD and Global Forum for Transparency and Exchange of Information for Tax Purposes (“GF”). More than 100 jurisdictions have endorsed the CRS and will commence AEOI in either 2017 or 2018.

Singapore and Australia will commence AEOI under the CRS by September 2018. Under the Agreement, IRAS will automatically exchange with the ATO, financial account information of accounts in Singapore held by Australian tax residents while the ATO will automatically exchange with IRAS, financial account information of accounts in Australia held by Singapore tax residents. 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 unauthorised use.

With the Agreement, Singapore and Australia have taken another step in enhancing cooperation to support greater tax transparency and fight against tax evasion. Both jurisdictions will work toward implementing AEOI with other major financial centres to ensure a level playing field.

The full details of the CRS is available here.

Australian Taxation Office
Inland Revenue Authority of Singapore 

About Australian Taxation Office 

The Australian Taxation Office (ATO) is the principal revenue collection agency of the Australian government. Our role is to effectively manage and shape the tax and superannuation systems that support and fund services for Australians, including: collecting revenue; administering the goods and services tax (GST) on behalf of the Australian states and territories; governing a range of programs which result in transfers and benefits back to the community; administering the major aspects of Australia’s superannuation system; and acting as custodian of the Australian Business Register.

About Inland Revenue Authority of Singapore

The Inland Revenue Authority of Singapore (IRAS) is the largest revenue agency in Singapore responsible for the administration of taxes. We are a partner of the community in nation-building and inclusive growth. We support Singapore’s sustainable economic growth by fostering a competitive tax environment and administering Government schemes.

Visit IRAS’ website at www.iras.gov.sg

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