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S Korea Signs First Automatic Info Exchange Deal, With Singapore

by Mary Swire, Tax-News.com, Hong Kong

17 October 2016


Singapore and South Korea have agreed to automatically exchange financial account information under the OECD's Common Reporting Standard.

This is the first automatic information exchange agreement signed by South Korea and the fourth for Singapore.

The CRS, the new global standard for the automatic exchange of information for tax purposes, requires all participating countries and jurisdictions to obtain information from their financial institutions and to exchange that information automatically with other jurisdictions on an annual basis. It provides for exchanges of financial account information, with the objective of detecting and deterring tax evasion.

Under the deal, the two territories' tax authorities will first exchange the relevant information in September 2018, with financial institutions required to forward that information by May 31, 2018.

TAGS: compliance | tax | business | tax information exchange agreement (TIEA) | tax compliance | law | Australia | Singapore | United Kingdom | ministry of finance | agreements | Korea, South | tax reform | Japan

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