Singapore Agrees to Exchange Information with Canada

Singapore Agrees to Exchange Information with Canada
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Singapore Agrees to Exchange Information with Canada
November 18th, 2016
On November 16, Singapore and Canada concluded an Agreement on the Automatic Exchange of Financial Account Information to Improve International Tax Compliance. The two countries will commence the Automatic Exchange of Information under the CRS by September 2018.

On November 16, Singapore and Canada concluded an Agreement on the Automatic Exchange of Financial Account Information to Improve International Tax Compliance. The two countries will commence the Automatic Exchange of Information under the CRS by September 2018.

Background

Automatic exchange of information (“AEOI”) based on the CRS refers to the regular exchange of financial account information between jurisdictions for tax purposes, with the objective of detecting and deterring tax evasion by taxpayers through the use of offshore bank accounts. Information of the first reporting year 2017 will be exchanged in 2018. Until now, Singapore has concluded Competent Authority Agreements (CAA) with 8 countries.

The Information To Be Exchanged Included

  • basic identity and bank information including the account balance or value;
  • in the case of any Depository Account, the total gross amount of interest paid or credited;
  • in the case of any Custodial Account
    • the total gross amount of interest, the total gross amount of dividends, and the total gross amount of other income generated with respect to the assets held in the account;
    • the total gross proceeds from the sale or redemption of Financial Assets paid or credited to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Financial Institution acted as a custodian, broker, nominee, or otherwise as an agent for the Account Holder.
  • in the case of any account not described in subparagraph 2(e) or (f), the total gross amount paid or credited to the Account Holder, including the aggregate amount of any redemption payments made to the Account Holder.

Source:  IRAS - CAA overview, Singapore/Canada - CAA
 

Singapore Agrees to Exchange Information with Canada
; posted on
November 18th, 2016
On November 16, Singapore and Canada concluded an Agreement on the Automatic Exchange of Financial Account Information to Improve International Tax Compliance. The two countries will commence the Automatic Exchange of Information under the CRS by September 2018.
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