The update takes effect for financial years (FY) starting from 2024.
The Inland Revenue Authority of Singapore (IRAS) has updated its Country-by-Country Reporting (CbCR) guidance as of 20 June 2025, expanding the list of jurisdictions eligible for automatic exchange of CbC Reports to include Cameroon.
The update takes effect for financial years (FY) starting from 2024.
CbCR is a key component of the OECD’s Base Erosion and Profit Shifting (BEPS) Action 13 initiative, aimed at enhancing transparency among multinational enterprise (MNE) groups. The reporting framework requires large MNEs to provide a breakdown of their global allocation of income, taxes paid, and other economic activity indicators by jurisdiction.
As part of its commitment to the BEPS Project, Singapore mandates CbCR compliance for Singapore-headquartered MNEs with consolidated group revenues of at least SGD 1.125 billion in the preceding financial year and with subsidiaries or operations in at least one foreign jurisdiction. Such entities must file their CbC Reports with IRAS within 12 months from the end of their financial year.
Singapore signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA) on 21 June 2017. The MCAA, developed under the Convention on Mutual Administrative Assistance in Tax Matters, allows for the efficient establishment of bilateral Automatic Exchange of Information (AEOI) relationships between tax authorities.
With the addition of Cameroon, IRAS strengthens Singapore’s global tax transparency network and reinforces its role in supporting international efforts to curb tax avoidance. The updated list of jurisdictions eligible for CbC report exchanges is available on the IRAS website.
