Singapore’s Government through Inland Revenue Authority of Singapore (IRAS) had announced that they are signing MCAA (Multilateral Competent Authority Agreement) to enhance tax cooperation on enhance of information. The MCAA will cover AEOI (Automatic Exchange of Information) under CRS (Common Reporting Standard) and the Exchange of Country-by-Country (CbC) Report.

The agreement will be signed by Ms Chia-Tern Huey Min, Singapore’s Deputy Commissioner for International, Investigation and Indirect Taxes Group of IRAS. MCAA agreement signifies bilateral relationship between two tax jurisdictions on a mutual consent basis. The Government said that it seeks to level playing field among ‘all financial centres’. In addition, Singapore will ‘consider’ engaging in Automatic Exchange of Financial Account Information with regional jurisdictions which have the safeguards to ensure the confidentiality of information exchanged and already have similar agreements in place with relevant financial centres, such as Hong Kong and Switzerland.

Singapore’s  Minister for Finance, Mr Heng Swee Keat, said: “As a business and financial hub, Singapore has earned a high level of trust and confidence. We take our commitment to international standards on tax cooperation seriously. Signing both MCAAs will allow Singapore to implement the international standards with our bilateral AEOI partners in an effective and efficient way.”

EditorBanking & FinanceAEOI,CRS,SingaporeSingapore's Government through Inland Revenue Authority of Singapore (IRAS) had announced that they are signing MCAA (Multilateral Competent Authority Agreement) to enhance tax cooperation on enhance of information. The MCAA will cover AEOI (Automatic Exchange of Information) under CRS (Common Reporting Standard) and the Exchange of Country-by-Country (CbC) Report. The...