Singapore’s Inland Revenue Authority announced it will be opening registration for CRS on August 31. Reporting Singaporean financial institutions must register between August 31 and March 31, 2018 to ensure they can file CRS reports with the IRA in 2018, the first year Singapore has committed to CRS reporting. Reporting will be due by May 31. The IRA has provided a FAQ document for registration which can be found by following this link.
Singapore is also soliciting comments for its draft IRAS CRS e-Tax Guide. The Guide is intended to assist businesses and affected parties understand CRS and their CRS compliance obligations. Comments will be open until September 25. Please follow this link for more information.
Finally, Singapore has updated its CRS FAQs. This document provides answers to questions often asked of the IRA. The latest update, which can be found by following this link, provides additional direction for determining the residency of pre-existing accounts and clarifies the initial year of FATCA reporting.
To review the IRA’s announcement on registration, the draft e-Guide, the CRS FAQs, and to see more information from the IRA on CRS, please visit the Inland Revenue Authority of Singapore’s CRS website. That website contains a plethora of information on CRS reporting.
About the Author
Jesse Rooney is a Regulatory Analysis Counsel at Sovos. His research focuses on AEOI, ACA, information return, and sales tax issues. Mr. Rooney received his B.A. from Framingham State University and his J.D. from the University of Massachusetts School of Law. He is licensed to practice in Massachusetts.More Content by Jesse Rooney