Global Daily Tax News, Singapore Updates List Of CbC Report Exchange Partners, (Jan 22, 2024)

On January 19, 2024, the Inland Revenue Authority of Singapore updated the list of territories with which it has a qualifying competent authority agreement in place for the exchange of country-by-country reports.

The list newly includes Kenya (with effect from the 2022 financial year) and Monserrat (with effect from the 2024 financial year).

Where a territory does not receive a CbC report from a subsidiary operating in their jurisdiction through information exchange channels, the territory may require that the multinational should also file a report there, under "local filing" rules.

Expansion of Singapore's list, therefore, will waive local filing requirements in Singapore and potentially overseas for these jurisdictions.