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 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.
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):