According to an update from the Inland Revenue Authority of Singapore, competent authority agreements for the automatic exchange of financial account information were signed with Belgium and Luxembourg on 10 March 2017 and with Denmark on 13 March 2017. Under the agreements, each country will automatically exchange information on accounts held in the respective country by tax residents of the other country based on the OECD Common Reporting Standard (CRS). The automatic exchange is to begin by September 2018 for information collected on the 2017 reporting year.