Income Tax – Japan and Korea singed the Competent Authority Agreement on the Automatic Exchange of Information


It was announced on IRAS’ website that on 13 and 14 October 2016, IRAS and the Tax Authorities for Japan and Korea signed the respective Competent Authority Agreement (“Agreement“) on the automatic exchange of financial account information (“AEOI“) based on the Common Reporting Standard (“CRS“).

Singapore and Japan/ Korea will commence AEOI under the CRS by September 2018. Under this Agreement, IRAS will automatically exchange with the respective Tax Authorities, financial account information of accounts in Singapore held by the respective tax residents while the respective Tax Authorities will automatically exchange with IRAS, financial account information of accounts in the respective jurisdictions held by Singapore tax residents.

If you have any question regarding the above, contact us at support@whm-consulting.com.

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