Printer Friendly

Singapore : Singapore and The United States of America Signed Agreements for Exchange of Information.

Singapore signed a Tax Information Exchange Agreement (TIEA) and a reciprocal Foreign Account Tax Compliance Act Model 1 Intergovernmental Agreement (reciprocal FATCA IGA) with the United States of America on 13 November 2018.

The signing took place in Singapore, between Deputy Secretary (Planning) of the Singapore Ministry of Finance, Yee Ping Yi, and the United States of America Charg dAffaires to Singapore, Stephanie Faye Syptak-Ramnath.

The TIEA will permit Singapore and the United States of America to exchange information for tax purposes. The reciprocal IGA provides for the automatic exchange of information with respect to financial accounts under the US Foreign Account Tax Compliance Act. This new reciprocal IGA will supersede the current non-reciprocal one when it enters into force.

The full text of the TIEA and reciprocal FATCA IGA are available on the Inland Revenue Authority of Singapores website. The TIEA will enter into force after its ratification by Singapore. The reciprocal FATCA IGA will enter into force after its ratification by both countries.

[c] 2018 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2018 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Geographic Code:9SING
Date:Nov 17, 2018
Words:178
Previous Article:India : Tata Power Delhi Distribution Bags Three Awards at Indian Chamber Of Commerce Awards-2018.
Next Article:Singapore : Singapore Hosts 10th APEC Port Services Network (APSN) Port Connectivity Forum.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters