Singapore publishes List of Reportable Jurisdictions under CRS

On 28 February 2019, the Inland Revenue Authority of Singapore (“IRAS”) published an updated List of Reportable Jurisdictions for 2018 (Link). Newly added jurisdictions include: Austria, Azerbaijan, Barbados, Gibraltar, Greenland, Hong Kong, Hungary, Israel, Panama and Switzerland. Reporting Singapore Financial Institutions (“FIs”) must report information related to the Common Reporting Standard (“CRS”) for the new jurisdictions by 31 May 2019.

In addition, also on 28 February 2019, IRAS announced an updated List of Participating Jurisdictions under CRS (Link). A Reporting SGFI which maintains an account for a professionally managed Investment Entity (as described in sub-paragraph A(6)(b) of Section VIII of the CRS), that is not a Participating Jurisdiction FI, has to treat the Investment Entity as a Passive NFE and apply the “look through” to identify the Controlling Persons.

In accordance with the approach outlined in paragraph 31 of the CRS Implementation Handbook, Singapore will consider all jurisdictions that have publicly, and at the government level, committed to adopt the CRS as Participating Jurisdictions. The list of Participating Jurisdictions will be updated at least once a year to reflect changes in jurisdictions’ commitment to and implementation of the CRS, and will be published on IRAS’ CRS webpage.

Newly added jurisdictions include Kazakhstan, Oman and Peru (Link).

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