Reciprocal scope
Under the administrative-assistance Convention, Lithuania’s Ministry of Finance or State Tax Inspectorate and Singapore’s competent authority exchange reportable account information. CRS due diligence determines resident holders and passive-entity controlling persons. Reporting includes identification data, year-end balances or closure and specified payments, with institution residence and branch location used to allocate reporting responsibility. Account balances are exchanged information, not an assessment of tax automatically owed on the balance.
Read the first-year exception precisely
Information generally begins with 2017, exchanged within nine months after calendar year-end when both domestic laws support the required reporting. Custodial gross proceeds are deferred to 2018 in both directions, rather than only for Singapore. Authorities use agreed secure XML transmission and domestic action to resolve notified non-compliance. Confidentiality protections continue after termination. Institutions should use current reporting-year lists and filing instructions; neither the old transition nor the bilateral agreement excuses current domestic registration or returns.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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