Common Reporting Standard ("CRS")

Date
What's new 
10 April 2017 

Singapore and Guernsey Sign Agreement for Automatic Exchange of Financial Account Information

10 April 2017A CRS brochure has been prepared to help account holders understand the salient features of CRS and how CRS affects them. SGFIs may print the IRAS CRS brochure for account holders’ information.

The IRAS CRS brochure can be found here.
10 April 2017 

IRAS CRS FAQs document updated: updates were made to FAQs C.13, E.21 and E.22. A table setting out the past updates to the document was added.  

 4 April 2017

The Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 "CRS Regulations" have been amended. The amendments came into effect on 4 April 2017.

The amendments to the CRS Regulations can be found here.  

27 March 2017 Singapore and France Sign Agreement for Automatic Exchange of Financial Account Information  
15 March 2017Singapore and Denmark Sign Agreement for Automatic Exchange of Financial Account Information
13 March 2017Singapore Signs Agreements with Belgium and Luxembourg for Automatic Exchange of Financial Account Information
27 February 2017 The Competent Authority Agreements for CRS with Australia, Korea, Italy, Canada and Latvia entered into force on 27 February 2017. 

With the above, the respective jurisdictions will be regarded as "Reportable Jurisdictions". SGFIs will have to transmit to IRAS the financial account information of accounts held by persons that are tax residents of the above Reportable Jurisdictions, with the first submission due by 31 May 2018.
24 February 2017Singapore and Lithuania Sign Agreement for Automatic Exchange of Financial Account Information
15 February 2017Singapore and Estonia Sign Agreement for Automatic Exchange of Financial Account Information  
15 February 2017IRAS CRS FAQs document updated: updates were made to FAQs A.1, C.8, D.1 and E.3, and 2 new FAQs (E.20 and E.21) were added.
31 January 2017The Competent Authority Agreements for CRS with United Kingdom, Japan, South Africa, Norway, Finland, Netherlands, Iceland, Malta and Ireland entered into force on 31 January 2017.

With the above, the respective jurisdictions will be regarded as "Reportable Jurisdictions". SGFIs will have to transmit to IRAS the financial account information of accounts held by persons that are tax residents of the above Reportable Jurisdictions, with the first submission due by 31 May 2018.
31 January 2017A media release on the Common Reporting Standard and how account holders may be affected was issued on 6 January 2017.

The media release can be found here.
30 December 2016 Notice issued to Financial Institutions on Implementation of the Common Reporting Standard ("CRS") with Effect from 1 January 2017 
23 December 2016Singapore and New Zealand Sign Agreement for Automatic Exchange of Financial Account Information
IRAS FAQs updated. Regulation 11(2) (j) of the CRS Regulations will be amended to align it with the OECD CRS Commentary  


Background

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 the  Convention on Mutual Administrative Assistance in Tax Matters, a tax information exchange agreement or a bilateral tax treaty. 

A CAA specifies 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.

A jurisdiction becomes a “Reportable Jurisdiction” after the CAA for CRS between Singapore and that jurisdiction has entered into force. Singapore-based FIs ("SGFIs") will have to transmit to IRAS the financial account information of an account held by a person that is a tax resident of a Reportable Jurisdiction or by a Passive NFE with one or more Controlling Persons that is a tax resident of a Reportable Jurisdiction.

Singapore has concluded the following bilateral CAAs:

Jurisdiction  First Reporting Year1  Date of Signing Date of Entry into Force First Submission from SGFIs by
(First Exchange by)
Australia 2017 6 September 2016

27 February 2017

31 May 2018
(September 2018)
Belgium2017 10 March 2017 Pending  31 May 2018
(September 2018) 
Canada 201716 November 2016 27 February 2017 31 May 2018
(September 2018) 
Denmark201713 March 2017Pending

31 May 2018

(September 2018)

Estonia2017
 14 February 2017Pending 31 May 2018
(September 2018)
Finland2017 22 November 201631 January 2017 31 May 2018
(September 2018)
France 2017 27 March 2017 Pending 31 May 2018
(September 2018) 
Guernsey2017 7 April 2017 Pending 31 May 2018
(September 2018) 
Iceland2017 13 December 201631 January 2017 31 May 2018
(September 2018) 
Ireland2017 20 December 201631 January 2017 31 May 2018
(September 2018)
Italy2017 3 November 201627 February 201731 May 2018
(September 2018)
Japan2017 13 October 201631 January 2017 31 May 2018
(September 2018) 
Korea, Republic of 2017 14 October 201627 February 2017 31 May 2018
(September 2018) 
Latvia2017 20 December 2016 27 February 2017 31 May 2018
(September 2018) 
Lithuania2017 23 February 2017 Pending 31 May 2018
(September 2018) 
Luxembourg 2017 10 March 2017 Pending 31 May 2018
(September 2018) 
Malta2017 15 December 2016 31 January 2017 31 May 2018
(September 2018) 
Netherlands2017 5 December 2016 31 January 2017 31 May 2018
(September 2018) 
New Zealand2017 22 December 2016Pending 31 May 2018
(September 2018) 
Norway2017 25 October 201631 January 2017 31 May 2018
(September 2018) 
South Africa2017 24 October 201631 January 2017 31 May 2018
(September 2018)
United Kingdom 2017
16 September 2016 31 January 2017 31 May 2018
(September 2018)

1This refers to the first calendar year to which information of a reportable account maintained by a Reporting SGFI relates and has to be reported to IRAS for exchange with Singapore's AEOI partners.

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 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 Participating Jurisdictions
Under the CRS, a Participating Jurisdiction is a jurisdiction with which: i) an agreement is in place pursuant to which there is an obligation to automatically exchange information on reportable accounts; and ii) is identified on a published list.  In line with 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 by 2018 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 CRS, and will be published on IRAS' CRS webpage.

This list of Participating Jurisdictions, as of 8 December 2016, is available here.
 
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 (updated on 10 April 2017)
     • How account holders of FIs will be affected 

     • IRAS CRS brochure for account holders  

OECD-issued guidance

     • Commentaries on the CRS
     • CRS Implementation Handbook
     • CRS-related FAQs (updated in March 2017)

CRS Data Format
SGFIs will report CRS information in accordance with OECD’s CRS XML Schema v1.0. IRAS will develop an IT system to collect and exchange the CRS information. 

Subscribe to IRAS eAlerts

You can subscribe to IRAS eAlerts so that you will be informed when there are updates to the IRAS CRS webpage.