Common Reporting Standard ("CRS")

What's new 
22 April 2019 

Reporting SGFIs may start submitting their CRS returns for Reporting Year 2018.

More information can be found here

22 April 2019 IRAS CRS FAQs document updated: updates were made to FAQs C.6, G.1 and G.2, and a new FAQ F.10 was added. 
22 April 2019 IRAS CRS Registration FAQs document updated: updates were made to FAQs 7, 8 and 15. 
20 March 2019 Entities can use the CRS Entity Classification self-review tool to determine their CRS entity classification, and check if they are required to register for CRS. 
6 March 2019List of Reportable Jurisdictions for 2018 CRS reporting updated.
28 February 2019 List of Reportable Jurisdictions for 2018 CRS reporting published: Reporting SGFIs are to submit 2018 CRS information by 31 May 2019.  
28 February 2019 List of Participating Jurisdictions updated: The updated list will take effect from 1 March 2019.

Past updates can be found here.


Automatic exchange of information (“AEOI”) based on the CRS refers to the regular exchange of financial account information between jurisdictions for tax purposes, with the objective of detecting and deterring tax evasion by taxpayers through the use of offshore bank accounts.

The CRS is an internationally agreed standard for AEOI on financial account information, endorsed by the OECD and the Global Forum for Transparency and Exchange of Information for Tax Purposes. The CRS sets out the financial account information to be exchanged, the financial institutions (“FIs”) required to report, the different types of accounts and taxpayers covered, as well as the customer due diligence procedures to be followed by FIs. The CRS builds on the FATCA reporting regime to maximise efficiency and reduce costs for implementing jurisdictions and their FIs. More than 100 jurisdictions, including major financial centres such as Dubai, Hong Kong, Luxembourg and Switzerland, have endorsed the CRS and will commence AEOI in either 2017 or 2018.

Singapore has committed to implement the CRS, with the first exchange to take place by September 2018. 

More information on the CRS can be found here.

Competent Authority Agreement ("CAA")
A CAA enables the implementation of the information exchange based on existing legal instruments such as a tax information exchange agreement, a bilateral tax treaty or the Convention on Mutual Administrative Assistance in Tax Matters ("the Convention").

A CAA is either a bilateral or multilateral agreement that sets out the type of information to be exchanged between two jurisdictions, the time and manner of exchange as well as the confidentiality and data safeguards to be respected for the exchange of information. More information on the bilateral CAAs signed and activated exchange relationships under the multilateral CAA is available here.

CRS Regulations
The Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 (“CRS Regulations”) incorporate the requirements of the CRS into Singapore’s domestic legislative framework. The CRS Regulations has entered into force on 1 January 2017.
     •  CRS Regulations

The CRS Regulations requires and empowers all FIs to put in place necessary processes and systems to collect financial account information from 1 January 2017. Singapore has adopted the “wider approach”, which means that FIs will need to collect and retain the CRS information for all account holders and where the account holder is a Passive Non-Financial Entity ("NFE"), the controlling persons of the Passive NFE in the case of new accounts, instead of only for account holders and controlling persons who are tax residents of Singapore’s CAA partners. For CRS reporting purposes, SGFIs will need to transmit to IRAS the financial account information relating to tax residents of Singapore’s CAA partners from 2018. IRAS will subsequently exchange the reported information with Singapore’s CAA partners.

List of Reportable Jurisdictions

Under the CRS Regulations, Reporting SGFIs are required to provide IRAS with a return setting out the CRS information of Reportable Accounts that they maintained during the calendar year. Every Reporting SGFI that maintains Financial Accounts that are not Reportable Accounts is required to file a nil return with IRAS for the relevant reporting year. Reportable Accounts are Financial Accounts that are held by Account Holders and where the Account Holder is a Passive NFE, the Controlling Persons of the Passive NFE that are tax residents of a Reportable Jurisdiction.

The list of Reportable Jurisdictions for 2018 CRS information reporting is available here (483KB). Reporting SGFIs are required to submit 2018 CRS information, including nil returns (if applicable), by 31 May 2019.   

List of Participating Jurisdictions
Under the CRS, a Reporting SGFI which maintains an account for a professionally managed Investment Entity (as described in sub-paragraph A(6)(b) of Section VIII of the CRS), that is not a Participating Jurisdiction FI, has to treat the Investment Entity as a Passive NFE and apply the "look through" to identify the Controlling Persons.

In line with the approach that is outlined in paragraph 31 of the CRS Implementation Handbook, Singapore will consider all jurisdictions that have publicly and at government level committed to adopt the CRS as Participating Jurisdictions. The list of Participating Jurisdictions will be updated at least once a year to reflect changes in jurisdictions' commitment to and implementation of the CRS, and will be published on IRAS' CRS webpage.

This list of Participating Jurisdictions is available here (352KB).
CRS Guidance
In implementing the CRS, SGFIs may rely on the following materials for interpretive guidance.

IRAS-issued guidance comprising FAQs and basic guides on CRS to help financial institutions, service providers and account holders understand the key requirements of the CRS and how they will be affected by its implementation:
    •  IRAS FAQs (899KB)(updated on 22 April 2019)
     •  How account holders of FIs will be affected 

     • IRAS CRS brochure for account holders (3,631KB)

Draft IRAS CRS e-Tax Guide on the Common Reporting Standard

The draft IRAS CRS e-Tax Guide (1,794KB) is intended to assist businesses and those affected by CRS, in particular SGFIs, in understanding the CRS framework and their CRS compliance obligations. A public consultation was held from 25 August to 25 September 2017. We are reviewing the feedback received and will publish the finalised Guide on this page.

OECD-issued guidance
     •  Commentaries on the CRS
     •  CRS Implementation Handbook  (2nd edition)
     •  CRS-related FAQs (927KB) (updated in June 2018)

CRS Registration

The CRS registration deadline for an entity that became a Reporting SGFI between 1 January 2018 and 31 December 2018 (both dates inclusive) is 31 March 2019. All entities that became Reporting SGFIs during this period are required to register for CRS with IRAS by the deadline. A failure to comply with the registration requirement is an offence under the CRS Regulations.

Certain groups of Reporting SGFIs need not register with IRAS for CRS purposes.

New!Entities can use the CRS Entity Classification self-review tool (191KB) to determine their CRS entity classification and check if they are required to register for CRS.

For more details on CRS registration requirements, please refer to the following:

The application for CRS registration will take about 3 weeks to be processed. Once the application is processed, we will send an email to the Point of Contact or individual trustee to inform him/her of the registration outcome. 

Reporting SGFIs can also check on their CRS registration status using the Check CRS Registration Status e-Service.

AEOI e-Services 

The following AEOI e-Services are now available:

  • View/ Update FI AEOI Profile

  • View / Update My Profile

  • View AEOI Contact Details

  • View / Edit Trustee-Documented Trusts

  • View AEOI e-Service Transaction History

  • View Submitted Financial Account Report

  • View AEOI Notices / Letters

  • Email Us on AEOI matters using myTax Mail

  • Apply to Deregister for AEOI

  • Submit CRS Return

Reporting SGFIs that have registered for CRS can authorise their staff and/or Third Party via CorpPass to access these e-Services. A Quick Guide to the AEOI e-Services can be found here (506KB).

More information on the AEOI e-Services can be found here.

CRS Filing Requirements

Reporting SGFIs 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.

A Quick Guide to CRS Return Submission (460KB) has been prepared for Reporting SGFIs to get instructions on how to submit their CRS returns.

Reporting SGFIs can submit their CRS returns using fillable PDF forms, if they do not wish to acquire a reporting tool to generate the CRS returns in XML format. Each fillable PDF form can however accommodate up to 40 account reports only. If more than one such form is used, each form must be submitted individually via the e-Service. The fillable PDF form is available here (222KB).

    CRS Data Format
    Reporting SGFIs will need to have processes in place to collate and prepare the required data in accordance with the prevailing CRS XML Schema and XML Schema User Guide set out in the table below. 

    XML Schema User Guide
    CRS XML Schema v1.0

    IRAS XML Schema User Guide for CRS Return (Second Edition) (2,031KB)
    (Published on 21 March 2018) 

    When a Reporting SGFI receives a notification from IRAS to inform that the Reporting SGFI's submitted CRS Return has been i) rejected or ii) accepted with record level errors, the Reporting SGFI should refer to the List of IRAS CRS File and Record Level Errors (497KB) for more information on the identified error(s) and the necessary resolution(s).

    A Reporting SGFI will receive a notification from IRAS to inform that the submitted CRS Return has been accepted by IRAS, if the submitted CRS Return does not have either file or record level errors. 

    Contact Us
    Please email us if you have further clarifications on CRS implementation in Singapore.

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