The Competent Authority Agreements (CAA) agreements to exchange financial information for tax purposes under the Common Reporting Standard between Singapore and Latvia entered into force on 27 February 2017.
According to the agreement, the Inland Revenue Authority of Singapore (IRAS) will automatically exchange information with the revenue authority of Latvia about the Singaporean financial account of a Latvian resident and Latvian revenue authority will exchange information with the Inland Revenue Authority of Singapore about the financial account information held by Singapore tax residents in Latvia.
The first exchange of information will take place by September 2018 and the first submission by Singapore financial information is scheduled for 31 May 2018.
