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Singapore and Australia to share data to fight tax evasion

Staff Writer |
Singapore and Australia have signed an agreement to exchange information on the financial accounts, adding that the confidentiality of the data will be protected.

The Inland Revenue Authority of Singapore (Iras) and the Australian Taxation Office (ATO) said they have entered into a Competent Authority Agreement on the automatic exchange of financial account information (AEOI) based on the international Common Reporting Standard (CRS).

Under the agreement, Iras will automatically exchange with the ATO financial information of accounts in Singapore held by Australian tax residents, while the ATO will likewise share with Iras financial information of accounts in Australia held by Singapore tax residents. This sharing of information will commence by September 2018.

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