FAQs on the CRS MCAA

Q1. How many jurisdictions have signed the CRS MCAA?

• Please refer to the full list of CRS MCAA signatories which is available here.

Q2. Singapore has been establishing AEOI (CRS) relationships via the bilateral approach so why is Singapore signing the CRS MCAA now?

• The signing of the CRS MCAA reaffirms Singapore’s commitment to international standards on tax cooperation.

• The MCAA has gained recognition as a multilateral framework agreement for bilateral cooperation on exchange of information, with 91 signatories (as of 7 June 2017) to the CRS MCAA.

• Signing the CRS MCAA facilitates the establishment of more bilateral AEOI relationships with our treaty partners, in line with Singapore’s commitment to implementing CRS AEOI for first exchanges by 2018.

• No, signing the CRS MCAA does not mean that Singapore will exchange information with all the signatories.

• Under the MCAA, 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 will always apply.

• Singapore will establish a relationship with fellow signatories that can meet the following principles:

  1. The AEOI partner has the safeguards needed to ensure the confidentiality of information exchanged and prevent its unauthorised use;
  2. There is full reciprocity with the AEOI partner in terms of information exchanged; and
  3. Singapore will also want to ensure that there is a level playing field among all major financial centres. Singapore will consider engaging in automatic exchange of financial account information with regional jurisdictions which have the safeguards to ensure the confidentiality of information exchanged, and have similar agreements in place with relevant financial centres, including Hong Kong and Switzerland.