Singapore concludes CAA with Guernsey

On 10 April 2017, the Inland Revenue Authority of Singapore (“IRAS”) announced (Link) that it has concluded a bilateral Competent Authority Agreement (“CAA”) with Guernsey (Link) for the automatic exchange of financial account information.  Under the CAA, the IRAS will automatically exchange financial information of accounts in Singapore held by tax residents of Guernsey with the competent authorities of Guernsey for reciprocal information.

This brings the total number of CAAs which have been signed up to 22.  The first submission by Singapore FIs is scheduled for 31 May 2018 under all existing CAAs with the first exchange between governments occurring by September 2018.

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