On June 21, 2017 the Singaporean Ministry of Finance issued a press release announcing that on that same date Singapore would both sign the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA) as well as the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA).

MCAA

With the signing by Singapore, the total number of signatories of the MCAA comes to 92.

The MCAA is a framework administrative agreement to automatically exchange information based on Article 6 of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

The Convention on Mutual Administrative Assistance in Tax Matters provides a comprehensive multilateral framework for the exchange of information and assistance in tax collection. Its coverage includes administrative assistance between tax authorities for information exchange on request, automatic exchange of information, simultaneous tax examinations and assistance in the collection of tax debts.

CbC MCAA

With the signing by Singapore, the total number of signatories to the CbC MCAA comes to 58.

The CbC MCAA allows all signatories to bilaterally and automatically exchange Country-by-Country Reports with each other, as contemplated by Action 13 of the BEPS Action Plan.

Click here to be forwarded to the CbC MCAA as available on the website of the OECD, which will open in a new window.

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