Singapore Signs CARF Tax-Information Exchange Agreement, With Exchanges Expected in 2028
Singapore
Jul 31, 20261 sources
Key Takeaways
- 01Singapore signed the CARF MCAA on 26 November 2024 and expects to begin crypto-asset tax-information exchanges in 2028.
- 02CARF is designed to enable automatic cross-border exchange of tax-relevant information on crypto-assets.
- 03The framework covers reportable crypto-assets, transactions, service providers, required information and customer due diligence.
- 04A CARF exchange relationship requires both jurisdictions to sign the agreement, file Section 7 notifications and designate each other as exchange partners.
- 05Singapore crypto-asset service providers should expect future data-collection and reporting obligations linked to customer tax jurisdictions.
Singapore signed the Multilateral Competent Authority Agreement on Automatic Exchange of Information under the Crypto-Asset Reporting Framework (CARF MCAA) on 26 November 2024. The Inland Revenue Authority of Singapore (IRAS) expects Singapore to begin exchanging crypto-asset tax information under CARF in 2028.