Within the framework of the fight against tax evasion, the OECD developed in July 20 14 a new standard of automatic exchange of information between States concerning financial accounts. It allows the tax authorities of the participating States to obtain information annually on financial accounts held abroad by their taxpayers.

 

About a hundred countries, of which Singapore, have already committed to exchange information according to this new standard, half as from 2017 and the others as from 2018. The effective implementation of exchanges requires the prior signature of bilateral / multilateral agreements between States and a transposition into local laws.

 

This standard obliges financial institutions such as banks, depositories and life insurance companies established in countries that have signed such agreements to identify account holders being tax residents of countries being a party to such an agreement, and to transmit annually information (data concerning the account holder, accounts balances, income received, gross profit from the sale of securities, …) to their relevant tax authority. Collective investment vehicles and other investment entities managed by professionals are required to do the same as regards investors information. These tax authorities must them retransmit the data received to the tax authorities of the countries concerned.

 

CA Indosuez Wealth Management group entities are established in countries committed to sharing this information. CA Indosuez (Switzerland) SA, Singapore Branch is therefore required to comply strictly with the related regulations

 

 

 

 

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