Singapore And Australia To Share Data

Singapore And Australia To Share Data
Specialties
Country expertise
Industries
Singapore And Australia To Share Data
September 7th, 2016
On September 6, the Inland Revenue Authority of Singapore has informed that Singapore and Australia have entered into a Competent Authority Agreement on the automatic exchange of financial account information (AEIO) based on the Common Reporting Standard (CRS).
Background: Singaporean Hubs

On September 6, the Inland Revenue Authority of Singapore has informed that Singapore and Australia have entered into a Competent Authority Agreement on the automatic exchange of financial account information (AEIO) based on the Common Reporting Standard (CRS).

Background: Singaporean Hubs

Last year, Singapore came under scrutiny from the Australian government, which suspected that the multinational companies are using establishments in Singapore to avoid tax. The Australian Taxation Office has audited the multinationals for using Singapore hubs, arguing that the profits sent there are artificially inflated.

Entering AEOI

The Inland Revenue Authority of Singapore (IRAS) and the Australian Taxation Office (ATO) have entered into a Competent Authority Agreement on the automatic exchange of financial account information (AEOI) based on the Common Reporting Standard. Singapore and Australia will commence AEOI under the CRS by September 2018.

"With the Agreement, Singapore and Australia have taken another step in enhancing cooperation to support greater tax transparency and fight against tax evasion. Both jurisdictions will work toward implementing AEOI with other major financial centres to ensure a level playing field," Singaporean Inland Revenue informed.

Confidentiality Rules

“Both jurisdictions are satisfied with the confidentiality rules and data safeguards that are in place in the other jurisdiction to ensure the confidentiality of information exchanged and prevent its unauthorized use,” Australian Taxation Office and Inland Revenue Authority of Singapore said in a joint statement.

Sources: IRAS, Business Times, Fortune, The Sydney Morning Herald

- Select - 
- Select - 
Singapore And Australia To Share Data
; posted on
September 7th, 2016
On September 6, the Inland Revenue Authority of Singapore has informed that Singapore and Australia have entered into a Competent Authority Agreement on the automatic exchange of financial account information (AEIO) based on the Common Reporting Standard (CRS).
Background: Singaporean Hubs
News that matters...

TPA Global informs you about topics that matter: company news, press releases and common interest related articles. Not necessarily the most populair news (for that are numerous other sources available) but also relevant news that keeps us and our alliance partners interested. Check our news categories:

BEPS   Global News   Press Releases   TPA Insight   Webinars   VCA

Copyright © 2016
Transfer Pricing Associates BV.
All rights reserved.

Disclaimer | Privacy

H.J.E. Wenckebachweg 210
1096 AS Amsterdam
T: +31 20 462 3530
E: info@tpa-global.com
I: www.tpa-global.com