Singapore has published Order No. S 813 in the Official Gazette on 24 October 2024 which officially recognises the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports as an international tax compliance agreement with Albania and Georgia, effective 7 October 2024.
The MCAA is a multilateral framework agreement that provides a standardised and efficient mechanism to facilitate the automatic exchange of information. It avoids the need for several bilateral agreements to be concluded. Its design as a framework agreement means the MCAA always ensures each signatory has ultimate control over exactly which exchange relationships it enters into and that each signatory’s standards on confidentiality, data protection, and appropriate use of information always apply.
Earlier, Singapore officially recognised MCAA-CbC reports as an international tax compliance agreement with Kenya (effective 8 January 2024), Montserrat (effective 8 January 2024), and Ukraine ( 7 August 2024).
