On 13 November 2018, the Inland Revenue Authority of Singapore has confirmed the signing of a tax information exchange agreement (TIEA) and a reciprocal FATCA Intergovernmental agreement (FATCA IGA) with the United States.
The TIEA will permit Singapore and the United States of America to exchange information for tax purposes. The reciprocal IGA provides for the automatic exchange of information with respect to financial accounts under the US’ Foreign Account Tax Compliance Act. This new reciprocal IGA will supersede the current non-reciprocal one when it enters into force.
Moreover, the newly signed IGA does not affect the obligations of Singapore Financial Institutions under the current IGA.
