Singapore and Australia to share data to fight tax evasionStaff Writer | September 7, 2016
Singapore and Australia have signed an agreement to exchange information on the financial accounts, adding that the confidentiality of the data will be protected.
Taxes Competent Authority Agreement
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. ■