Monday, March 28, 2016

Common Reporting Standards: The Structure of the Agreements

In July 2014, the Organisation for Economic Cooperation and Development (“OECD”) published the Standard for Automatic Exchange of Information (“AEoI”) in tax matters (the “Standard”). The goal of the Standard is to improve cooperation between tax administrations, to protect the integrity of tax systems and to clamp down on offshore tax evasion. 

In order to implement the Standard and for the AEoI to become effective a number of steps must be taken. 
  • Translating the reporting and due diligence rules into domestic law; 
  • Agreements between countries as a legal basis for the AEoI between these specific countries; 
  • Putting in place the administrative and IT infrastructure to collect and exchange information under the Standard. 
Singapore has agreed to work towards implementing AEoI Standards by 2018.

For more information, please read out white paper on the topic here.

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