Singapore Activates AEOI Relationships With Panama, China And Malaysia

The Ministry of Finance in Singapore has announced that the country has activated three new Automatic Exchange of Financial Account Information (“AEOI”) relationships with China, Malaysia and Panama for exchange in 2018. So far, there are 64 jurisdictions and regions having established the AEOI relationship with Singapore for the first exchange to take place in 2018.

The AEOI under MCAA

The AEOI entails systematic and regular transmission of taxpayer information, which is under the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information under the Common Reporting Standard (“CRS MCAA”). The MACC is a multilateral framework agreement that provides a standardised and efficient mechanism to facilitate the automatic exchange of information. On April 9, the OECD released the 2nd edition of the CRS Implementation Handbook.

To date, there are now already over 2700 bilateral exchange relationships activated with respect to 80 jurisdictions committed to the CRS.

Sources: Ministry of Finance, OECD

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