The Competent Authorities of Singapore and the Republic of Korea concluded an Agreement on the Automatic Exchange of Financial Account Information to Improve International Tax Compliance (Hereafter: The Agreement) based on the Common Reporting Standard (CRS).

Singapore and the Korean Republic 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 the Competent Authorities of Singapore and the Republic of Korea 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.

Earlier Singapore already concluded similar agreements with Australia, the United Kingdom and Japan.

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