On April 7, 2017 the Competent Authorities of Singapore and Guernsey concluded an Agreement on the Automatic Exchange of Financial Account Information to Improve International Tax Compliance (Hereafter: The Agreement).
Under the Agreement Singapore and Guernsey 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 contains 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 Singapore and Guernsey on the Automatic Exchange of Financial Account Information to Improve International Tax Compliance as available on the website of the Inland Revenue Authority of Singapore.
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