On February 27, the Inland Revenue Authority of Singapore informed that the Third Protocol amending DTA with India entered into force on February 27. The new DTA between Singapore and Uruguay will enter into force on March 14. The Competent Authority Agreements for CRS with Australia, Korea, Italy, Canada and Latvia entered into force on 27 February 2017.
With the revision to the India-Mauritius Double Taxation Agreement (DTA) to phase out capital gains tax exemption, the capital gains tax exemption for shares in the Singapore-India DTA had to be similarly amended. Singapore and India have reached an agreement to phase out the capital gains tax exemption gradually, and have also committed to finding new ways to promote bilateral investments.
The updated DTA preserves the existing tax exemption on capital gains for shares acquired before 1 April 2017, while providing a transitional arrangement for shares acquired on or after 1 April 2017. For shares acquired on or after 1 April 2017, there will be a two-year transition period, during which the capital gains from such shares will be taxed at 50% of India’s domestic tax rate if the capital gains arise during 1 April 2017 to 31 March 2019.
Under the Competent Authority Agreements for Common Reporting Standard (CRS) with Australia, Korea, Italy, Canada and Latvia, the respective jurisdictions will be regarded as "Reportable Jurisdictions". SGFIs will have to transmit to IRAS the financial account information of accounts held by persons that are tax residents of the above Reportable Jurisdictions, with the first submission due by 31 May 2018.
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