On or about 6 February 2020, the Inland Revenue Authority of Singapore (IRAS) has published on its website that the Exchange of Information (EOI) Arrangement signed between Singapore and the United States of America on 13 November 2018, will enter into force on 5 March 2020.
The EOI Arrangement permits Singapore and the United States of America to exchange information for tax purposes and therefore enhances tax cooperation between the two countries.
Singapore and the United States of America are also working on the ratification of the reciprocal Foreign Account Tax Compliance Act Model 1 Intergovernmental Agreement (reciprocal FATCA IGA) by the end of 2020. The reciprocal FATCA IGA will supersede the current non-reciprocal one when it enters into force.
The full test of the EOI Arrangement can be found on the IRAS’s website.
Source: IRAS website, 6 February 2020