Singapore has activated the automatic exchange of tax information

On January 15^th, 2018, Singapore announced the start of an automatic exchange of tax information with 61 countries to prevent tax avoidance and tax crime.

The exchange will take place according to the Unified Standard for the Exchange of Tax Information, which ensures the exchange between those countries that have agreed to its automatic conduct.

Singapore Tax Authority Orders, authorizing all financial institutions to develop appropriate systems for collecting information on financial statements of companies from January 1^st, 2017, entered into force in the beginning of 2018.

Singapore has adopted a broader approach to the Unified Tax Information Exchange Standard, according to which financial institutions should collect and store information not only about the tax residents of the countries with which the exchange will take place, but about all account holders, including individuals and legal entities.

Recall that on September 9^th, 2002, Russia concluded an agreement with Singapore “on avoiding double taxation and preventing tax evasion in respect of income taxes”. The exchange of information was activated on December 21^st, 2017.

On materials of the following website: https://www.gov.sg/~/sgpcmedia/media_releases/mof/press_release/P-20180115-1/attachment/Singapore%20Activated%2061%20Relationships%20For%20Automatic%20Exchange%20Of%20Financial%20Account%20Information%20In%202018.pdf