On 16 June 2016, IRAS announced that Singapore will commit to implement Country-by-Country Reporting (CbCR) for the financial years beginning on or after 1 Jan 2017 for Multinational Enterprises (MNEs) whose ultimate parent entities are in Singapore and group turnover exceed S$1.125 million.
Applicable MNEs are required to file their Country-by-Country (CbC) report with IRAS within 12 months from the last day of their financial year. IRAS will then exchange CbC reports with jurisdictions which Singapore has entered into bilateral agreements with for automatic exchange of CbCR information when it is satisfied that the following conditions are met:
- These jurisdictions have a strong rule of law and can ensure the confidentiality of the information exchanged and prevent its unauthorised use.
- Second, there must be reciprocity in terms of the information exchanged.
IRAS will consult Singapore-headquartered multinational enterprises further on the implementation details of CbCR, and release these details by September 2016.
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