The Inland Revenue Authority of Singapore recently published FAQs on Spontaneous Exchange of Information. The FAQs include the following:
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1. Why did Singapore commit to the spontaneous exchange of information on certain rulings under the OECD framework?
Singapore is a member of the Inclusive Framework (IF) for the global implementation of the BEPS Project. The spontaneous exchange of information on certain rulings is a minimum standard under the BEPS Project to be implemented by IF m…