In an effort to combat offshore tax evasion, the United States and Singapore have pledged to negotiate and sign by the end of 2016 a tax information exchange agreement (TIEA) and a FATCA intergovernmental agreement (IGA) that provides for the reciprocal automatic exchange of financial account tax information.

The U.S. and Singapore governments issued a joint statement promising cooperation on tax issues affecting both nations. The intergovernmental agreement would provide for the reciprocal automatic exchange of information with respect to certain financial accounts under the Foreign Account Tax Compliance Act (FATCA).  The two countries are to complete negotiations and sign the agreements by the end of 2017.