On 1 March 2016, Singapore's Ministry of Finance launched a public consultation on the draft Income Tax (Amendment No. 2) Bill 2016. The legislation includes amendments to the Income Tax Act that would allow for the implementation of the OECD's Common Reporting Standard (CRS) for the automatic exchange of financial account information (AEOI). In particular, the draft bill: Makes clear that existing AEOI provisions for the implementation of the Singapore-U.S. FACTA agreement apply to any other AEOI agreements under the CRS; Requires and empowers all financial institutions to collect and retain CRS information for all non-Singapore-tax-residents; and Vests in the...