TIEA between Singapore and Iceland enters into force

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Competent authority agreement on automatic exchange of information (TIEA) of 2016 between Iceland – Singapore has been entered into force on 31st January 2017 regarding tax.

The agreement is intended to ensure that Iceland and Singapore will be able to start the automatic exchange of financial account information as of 2018 according to the OECD Automatic Exchange of Information Agreement (MCAA) of 2014, based on the Council of Europe – OECD Convention on Mutual Administrative Assistance in Tax Matters (MAA) of 1988. This TIEA of 2014 has been amended by the 2010 protocol.

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