Singapore: CRS implementation and related guidance issued

Singapore: CRS implementation and related guidance

Measures in Singapore transposed the common reporting standard (CRS) regime into domestic tax law.

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The Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 (8 December 2016) incorporate the requirements of the CRS into Singapore’s domestic legislative framework and direct financial institutions to put in place the necessary processes and systems to collect financial account information from 1 January 2017. 

The Inland Revenue Authority of Singapore also issued:

  • A “frequently asked questions” (FAQ) document to provide guidance on the implementation of CRS in Singapore that clarifies certain aspects for financial institutions, with respect to financial and reportable accounts, due diligence procedures, and the reporting and registration requirements 
  • Guidance clarifying the implementation of FATCA and CRS and how this affects account holders of Singapore financial institutions
  • A list of participating jurisdictions for purposes of the exchange of financial account information in tax matters under the CRS regime

 

Read a December 2016 report [PDF 73 KB] prepared by the KPMG member firm in Singapore

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