On 9 April 2018, Singapore activated automatic exchange of financial account information (“AEOI”) with China, Malaysia and Panama. As a result of this, reporting Singapore financial institutions (“FIs”) will need to report account information of China and Malaysia tax resident persons for the period 1 January to 31 December 2017 to IRAS by 31 August 2018. The first AEOI to take place in 2018 will now cover a total of 64 jurisdictions.
Singapore FIs will need to report account information for the period 1 January to 31 December 2017 to IRAS. Relevant information to be reported includes, inter alia: Person’s name and address; taxpayer identification number; date and place of birth; account number(s) and balance(s) / value(s); and currency in which account(s) are denominated.
We take the view that private clients should continue to focus on legacy planning, wealth preservation, and asset protection. Clients need solutions that are customised, effective and practical. We would be able to assist each step of the way in achieving these objectives with the appropriate solutions.