Seoul, S'pore to exchange tax information
SOUTH Korea and Singapore have signed an agreement on the automatic exchange of financial information of persons with tax liabilities to improve international tax compliance, according to South Korea's Ministry of Strategy and Finance
Starting from 2018,
the financial authorities of the two countries will annually collect and exchange financial information of residents
with tax payment duties
to the other's country.
For instance, one who
does not live in South Korea but has financial activities there and taxation obligations to Singapore, will be subject
to the exchange.
The exchanged information will contain names, addresses, bank accounts and balances.
Exchanges of more detailed information, such as gross proceeds of sales, will commence in 2019.
The two countries have exchanged tax information upon request pursuant to
a bilateral tax treaty
signed in 1981.
This is South Korea's second bilateral agreement on the automatic exchange of financial data, following a similar deal with the United States in 2015.
THE KOREA HERALD/
ASIA NEWS NETWORK