On September 16, 2016 the Competent Authorities of Singapore and the United Kingdom concluded a Competent Authority Agreement on Automatic Exchange of Financial Account Information (Hereafter: The Agreement) based on the Common Reporting Standard (CRS).

Singapore and the United Kingdom will commence the  Automatic Exchange Of Information under the CRS by September 2018. The first year for which information will be exchanged under the Agreement is 2017.

The Agreement conists out of the following Sections:

·   SECTION 1 - Definitions

·   SECTION 2 - Exchange of Information with Respect to Reportable Accounts

·   SECTION 3 - Time and Manner of Exchange of Information

·   SECTION 4 - Collaboration on Compliance and Enforcement

·   SECTION 5 - Confidentiality and Data Safeguards

·   SECTION 6 - Consultations and Amendments

·   SECTION 7 - Term of Agreement

Click here to be forwarded to the Agreement between the Competent Authorities of Singapore and the United Kingdom on the Automatic Exchange of Financial Account Information as available on the website of the Inland Revenue Authority of Singapore.

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