Singapore announces updated Entity Classification self-review tool

On 20 March 2019, the Inland Revenue Authority of Singapore (“IRAS”) published an updated Common Reporting Standard (“CRS”) Entity Classification self-review tool to determine respective CRS entity classification, and check the requirement to register for CRS (Link).

For more details on CRS registration requirements, please refer to the IRAS CRS Registration FAQs (Link) and the Quick Guide to CRS Registration (Link). The application for CRS registration will take about three weeks to be processed. Once the application is processed, IRAS will send an email to the Point of Contact or individual trustee to inform him/her of the registration outcome. Reporting SGFIs can also check on their CRS registration status using the Check CRS Registration Status e-Service (Link).

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