Singapore updates its CRS reporting process

On 22 April 2019, the Inland Revenue Authority of Singapore (“IRAS”) updated the Quick Guidance to the Common Reporting Standard (“CRS”) Registration in order to assist institutions in registering under CRS (Link). Reporting Financial Institutions may start submitting their CRS returns for Reporting Year 2018. All CRS returns, including nil returns (if applicable), must be submitted electronically to IRAS via the “Submit CRS Return” e-Service. No paper returns will be accepted. A simplified process for submitting nil returns electronically is available via this e-Service.

In addition, also on 22 April 2019, the Frequently Asked Questions (“FAQ”) for CRS and for the CRS Registration have been updated. The update to the CRS FAQ includes changes to FAQs: C.6, G.1, G.2, and FAQ F.10 (Link).

Updates with regard to the CRS Registration were made to FAQs 7, 8 and 15 (Link).

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