Tax Information Exchange Agreement Singapore

A tieA request for information model has been developed to assist the relevant authorities of TIEA partners in requesting information. It is available in English and French as well as in Spanish, German, Italian, Japanese, Korean and Turkish. Where a competent authority does not have sufficient information to respond to a request, TIEA requires it to use „all relevant information collection measures” to provide the requested information. The TIEA defines the detailed procedure for how a candidate party can request information from a requested party. It also facilitates the automatic exchange of information as well as the spontaneous exchange of information (further details have yet to be agreed). In this regard, legal systems may be based on a bilateral agreement between the competent authority for the implementation of the automatic exchange of information in accordance with the common standard of notification or automatic exchange of reports by country on a TIEA, particularly in cases where it is not (yet) possible to automatically exchange information through the relevant authority within the framework of a relevant multilateral agreement. TIEA will allow Singapore and the United States of America to exchange information for tax purposes. The reciprocal IGA provides for the automatic exchange of financial account information in accordance with the Us Account Compliance Act. This new reciprocal IGA will follow the current non-reciprocal when it comes into force. The scope of THE TIEA is a vast network of information that can be exchanged within the framework of the TIEA.

Persons in possession or control of information must respect the scope of the TIEA. Similarly, the restrictions imposed by TIEA and the possibilities for rejecting requests for the exchange of information are relevant and these persons should be aware of their rights and obligations when a competent authority requests an exchange of information. An important aspect of the TIEA, which is worth mentioning, is the ability to refrain from any request for information. For example, a wanted party is not required to obtain or provide information to the plaintiff if it is unable to obtain that information under domestic law. Another example would be information from communication between a client and a lawyer, etc., which (i) are protected by legal privileges or (ii) are created for use in existing or contemplated court proceedings. Jurisdictions can also use the text of the articles in the model protocol if they wish to include the automatic and spontaneous exchange of information in a new TIEA. The aim of this agreement is to promote international cooperation in tax matters through the exchange of information.

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