Singapore updates its CRS reporting process

On 23 July 2019, the Inland Revenue Authority of Singapore (“IRAS”) published the first edition of the Common Reporting Standard (“CRS”) e-Tax Guide (Link). The CRS e-Tax Guide covers the following information:

  • the types of entities that are regarded as Singapore Financial Institutions (“SGFIs”), Reporting SGFIs, NonReporting SGFIs and NFEs under the CRS
  • the types of in-scope Accounts (Financial Accounts) and Excluded Accounts;
  • the due diligence procedures required to be applied by Reporting SGFIs to identify Reportable Accounts;
  • the registration requirements of Reporting SGFIs; and
  • the information to be reported by Reporting SGFIs.

To complement the newly released e-Tax Guide, IRAS, also on 23 July 2019, released a new guide on CRS compliance to support Financial Institutions in implementing the Common Reporting Standard in Singapore (Link). This compliance guide describes IRAS’ guiding principles and compliance activities when reviewing whether Reporting SGFIs are fulfilling their CRS obligations effectively. It also explains IRAS’ expectations on the approach that Reporting SGFIs should take when demonstrating their compliance with CRS in Singapore. These expectations include putting in place sufficient and robust internal controls that are commensurate with the Reporting SGFI’s level of CRS compliance risks based on its business circumstances.

Finally, a newly implemented compliance section containing information on the CRS Compliance Guidelines, the CRS Compliance Activities and the Offences and Anti-avoidance under CRS in Singapore can be found on the IRAS website (Link).

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