The government of Singapore stated that the process of automatic exchange of tax information with 61 states has been launched within the framework of the program to avoid tax evasion and financial crimes in the territory of the country. Data exchange will take place in accordance with the CRS – Common Reporting Standard of the OECD for the exchange of tax information. This standard assumes that an automatic exchange of information occurs between the territories that have agreed on the exchange of data in the automatic mode.
The use of appropriate mechanisms and systems for collecting information on financial accounts is regulated by the Common Reporting Standard of the OECD for the exchange of tax information (CRS Regulations), which came into effect at the beginning of this year. The process of exchange of information with most states started on January 1.
The government has approved the exchange of tax and financial information with the following jurisdictions:
- Australia
- Argentina
- Barbados
- Belgium
- Bermuda
- Bulgaria
- Brazil
- United Kingdom
- Germany
- Guernsey
- Greece
- Denmark
- Jersey
- India
- Indonesia
- Ireland
- Iceland
- Spain
- Italy
- Cayman Islands
- Canada
- Cyprus
- Colombia
- Korea
- Curaçao
- Latvia
- Lebanon
- Lithuania
- Liechtenstein
- Luxembourg
- Malta
- Mexico
- Montserrat
- Nauru
- Netherlands
- New Zealand
- Norway
- Isle Of Man
- Cook Islands
- Pakistan
- Poland
- Portugal
- Russian Federation
- Romania
- San Marino
- Saudi Arabia
- Seychelles
- Saint Vincent and the Grenadines
- Slovakia
- Slovenia
- Uruguay
- Faroe Islands
- Finland
- France
- Croatia
- Czech Republic
- Chile
- Sweden
- Estonia
- South Africa
- Japan