INTERNATIONAL TAX PLAZA - Singapore – Competent Authority Agreements for CRS with Denmark, Estonia, Lithuania and New Zealand entered into force

On June 7, 2017 the Inland Revenue Authority of Singapore announced that the Competent Authority Agreements for the Common Reporting Standard as concluded with the following jurisdictions entered into force on June 5, 2017:

· Denmark;

· Estonia;

· Lithuania; and

· New Zealand.

With the above, the respective jurisdictions will be regarded as "Reportable Jurisdictions". Singaporean Financial Institutions will have to transmit to IRAS the financial account information of accounts held by persons that are tax residents of the above Reportable Jurisdictions, with the first submission due by May 31, 2018.

Follow International Tax Plaza on Twitter (@IntTaxPlaza)

and

Follow International Tax Plaza on Facebook