The Inland Revenue Authority of Singapore (IRAS) has officially confirmed that the jurisdiction is expected to commence automatic exchanges of taxpayer information under the Crypto-Asset Reporting Framework (CARF) in 2028.
This announcement provides a definitive timeline following an earlier indication in November 2024 suggesting commencement in 2027 or 2028. The 2028 start date solidifies Singapore’s commitment to the international tax transparency initiative targeting crypto-assets.
Activation Mechanism for CARF Exchanges:
Exchanges between Singapore and any other participating jurisdiction will commence based on the Multilateral Competent Authority Agreement on Automatic Exchange of Information pursuant to the CARF (CARF MCAA). A bilateral exchange relationship under CARF will be activated only when:
- Both Jurisdictions Sign: Both Singapore and the partner jurisdiction have formally signed the CARF MCAA.
- Notifications Filed: Both jurisdictions have filed the necessary notifications required under Section 7 of the CARF MCAA.
- Mutual Listing: Both jurisdictions have listed each other as intended exchange partner jurisdictions within the framework of the CARF MCAA.
Background:
The CARF, developed by the Organisation for Economic Co-operation and Development (OECD), establishes a global standard for the automatic exchange of information between tax authorities concerning transactions in crypto-assets. It aims to combat tax evasion and ensure tax compliance in the rapidly evolving digital asset space. Singapore’s adherence underscores its alignment with international efforts to enhance tax transparency for crypto-assets.
Source: IRAS, 26 June 2025.