On July 17, 2017 the Republic of Singapore and the Swiss Confederation concluded an Agreement on the Automatic Exchange of Financial Account Information to Improve International Tax Compliance (Hereafter: the Agreement).
Although the Agreement has been signed, it has not entered into force yet. For the Agreement to enter into force, the respective ratification procedures have to have been finalized in both countries. However Switzerland and Singapore have agreed that in the meantime the Agreement shall provisionally apply from January 1, 2018 (See Article 7, Paragraph 1 of the Agreement (“Term of Agreement”)).
Under the Agreement Singapore and Spain will commence the Automatic Exchange of Information under the CRS by September 2019. The first year for which information will be exchanged under the Agreement is 2018.
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 the Republic of Singapore and the Swiss Confederation 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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