Singapore announces changes to CRS reporting requirements

On 11 February 2020, the Inland Revenue Authority of Singapore (“IRAS”) released the following documents:

  • List of Reportable Jurisdictions for 2019 CRS reporting (Link)
  • List of Participating Jurisdictions (Link)

Reporting SGFIs are to submit 2019 Common Reporting Standard (“CRS”) information by 31 May 2020. The updated list of Participating Jurisdictions will take effect from 12 February 2020.

In addition, also on 11 February 2020, IRAS announced that the CRS registration deadline for an entity that became a Reporting Singapore Financial Institution (“SGFI”) between 1 January 2019 and 31 December 2019 (both dates inclusive) is 31 March 2020. Such Reporting SGFIs are reminded to apply for CRS registration by 31 March 2020. One can apply for CRS registration on the IRAS CRS Registration e-service website (Link). A failure to comply with this registration requirement is an offence under the CRS Regulations.

Leave a reply

Your email address will not be published. Required fields are marked *

/* */