Singapore

Tax authorities and legislators all over the globe have been actively working to prevent tax evasion and promote global tax transparency for almost a decade now. As core components of the global financial ecosystem, FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) legislation aim to prevent tax evasion by compelling financial institutions to transmit certain information about certain account holders to their country(s) of tax domicile. Ultimately, their objective is to identify and discourage tax evasion by tax residents of countries using offshore banks and other Financial Accounts.