The Common Reporting Standard (CRS) is an internationally agreed standard for the automatic exchange of financial account information between jurisdictions for tax purposes, to better combat tax evasion and ensure tax compliance. Singapore has committed to implement the CRS and has been exchanging financial account information with partner jurisdictions since September 2018.
If you are a Reporting Singapore Financial Institution (SGFI), you will have to register for CRS with IRAS. You are required to conduct due diligence on all Financial Accounts you maintain and report the relevant account information in a timely and accurate manner to IRAS in an annual return.
If you are an individual holding an account with a Reporting SGFI, you may be affected by CRS in several ways. You may refer to the Basic information for account holders of Financial institutions for more information.
|27 April 2023|
CRS Return Filing for Reporting Year 2022
All Reporting SGFIs must submit their CRS return(s) to IRAS, setting out the required information in relation to every Reportable Account that was maintained in calendar year 2022, by 31 May 2023.
Please submit your CRS return early so that you have time to resolve any unexpected issues during the submission process. Enforcement actions will be taken against Reporting SGFIs that do not submit their CRS returns on time. Please refer to the CRS Filing webpage for more information.
|19 April 2023||IRAS has introduced a new digital service in myTax Portal to allow RSGFIs to view the status of their submitted CRS/FATCA returns. Please refer to the AEOI Digital Services webpage and the View CRS/FATCA Return Status Digital Service User Guide (PDF, 450KB) for more details.|
|30 March 2023|
List of Participating Jurisdictions (PDF 142KB) updated: the updated list will take effect from 31 March 2023.
No new jurisdictions have been added to the List of Participating Jurisdictions.
Kenya, Morocco and Trinidad and Tobago have been removed from the List of Participating Jurisdictions. Following the removal, a Change in Circumstances (“CIC”) would be triggered for Entity Account Holders that are Investment Entities where their tax residency is in such jurisdictions. As such, the Reporting SGFI cannot rely on the original self-certification and must obtain a new valid self-certification with details of the Controlling Person(s).
|15 February 2023||The CRS registration deadline for an entity that became a Reporting SGFI between 1 January 2022 and 31 December 2022 (both dates inclusive) is 31 March 2023. Such Reporting SGFIs are reminded to apply for CRS registration by 31 March 2023. Please refer to CRS Registration section for more information.|
|1 February 2023||List of Reportable Jurisdictions (PDF, 151KB) for 2023 CRS reporting published: Reporting SGFIs are to submit 2022 CRS information by 31 May 2023.|
|1 December 2021|
Increased Penalties for CRS Regulation and Filing Offences
With effect from 16 November 2021, the penalties for CRS non-regulation and non-filing offences have been increased to $5,000 upon conviction, and a further fine of $100 per day for a continuing offence.
More than 90% of Reporting SGFIs have filed their annual CRS returns on time. We strongly encourage Reporting SGFIs to put in place the necessary controls to ensure their returns are filed on time. Please refer to CRS Compliance section for more information.
New Excluded Accounts for the purposes of CRS
With effect from 1 December 2021, accounts in which moneys are deposited from maintenance funds (established by developers), management funds or sinking funds (established by management corporations or subsidiary management corporations) that are regulated under the Building Maintenance and Strata Management Act (BMSMA) will be treated as excluded accounts for the purposes of CRS.
Please refer to CRS Regulations (Regulation 11(2)(l), 11(2)(m) and 11(2)(n) for more information.
|12 May 2021||Simplified CRS Registration and Filing Requirements for Qualifying Personal Investment Companies (PICs)|
A Qualifying PIC may qualify for simplified CRS registration and filing requirements and file its CRS Return annually using the simplified AEOI registration and reporting form. Please refer to CRS Filing section for more information.
The Common Reporting Standard (CRS) is an internationally agreed standard for the automatic exchange of financial account information between jurisdictions for tax purposes. The CRS is intended to detect and deter tax evasion by tax residents of jurisdictions through the use of offshore banks and other Financial Accounts.
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 have commenced AEOI in either 2017 or 2018.
The CRS sets out
- the financial account information to be exchanged between jurisdictions;
- the FIs required to report such information to their tax authorities;
- the different types of accounts and taxpayers covered; and
- the customer due diligence procedures to be followed by FIs.
In Singapore, the CRS Regulations in the Income Tax Act requires and empowers all Reporting SGFIs to put in place necessary processes and systems to collect such financial account information from their account holders. Reporting SGFIs will then need to report to IRAS the financial account information relating to tax residents of Singapore’s exchange partners. IRAS will subsequently provide the reported information to Singapore’s exchange partners.
As an SGFI, you should take note of the following key CRS obligations:
CRS Domestic Legislation
The domestic legislative provisions to implement the CRS are set out at:
- Part XXB of the Income Tax Act 1947 – International Agreements to Improve Tax Compliance. This contains the enabling provisions to implement the CRS in Singapore; and
- Income Tax (International Tax Compliance Agreements)(Common Reporting Standard) Regulations 2016 ("CRS Regulations"). This incorporates the requirements of the CRS into Singapore’s domestic legislative framework
IRAS E-Tax Guide and FAQs, OECD Guidance
IRAS E-Tax Guide and FAQs
Given that the CRS is the international AEOI Standard developed by the OECD, the OECD’s Commentaries on the CRS, the CRS Implementation Handbook, and OECD’s CRS-related FAQs are integral to Singapore’s CRS implementation.
- Commentaries on the CRS
- CRS Implementation Handbook (2nd edition)
- CRS-related FAQs (PDF, 927KB) (updated in February 2019)
- OECD AEOI Website and Portal
Competent Authority Agreement ("CAA")
A CAA, which can be a bilateral or multilateral agreement, establishes exchange relationships between jurisdictions, and enables the implementation of the information exchange based on existing legal instruments. It 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.
Multilateral CAA for CRS (“CRS MCAA”)
The signing of the CRS MCAA on 21 June 2017 reaffirms Singapore’s commitment to international standards on tax cooperation, and enabled Singapore to efficiently establish a wide network of exchange relationships for the automatic exchange of information based on the CRS, with more than 90 signatories to-date.
The CRS MCAA is a multilateral framework agreement based on the Convention on Mutual Administrative Assistance in Tax Matters (“the Convention”). It provides a standardised and efficient mechanism to facilitate the automatic exchange of information based on the CRS. Under the CRS MCAA, a bilateral exchange relationship comes into effect only if
- both jurisdictions are signatories to the CRS MCAA;
- have filed the relevant notifications under Section 7 of the CRS MCAA; and
- have listed each other as intended exchange partner jurisdictions under the CRS MCAA.
Please refer to the OECD webpage for the full list of partners from whom Singapore will receive CRS information.
- Text of the CRS MCAA (PDF, 406KB)
Bilateral CAAs on Automatic Exchange of Financial Account Information
Singapore is engaging in automatic exchange of information based on the CRS under the bilateral CAAs with the following jurisdictions:
|Jurisdiction||First Reporting Year1||Date of Signing||Date of Entry into Force2||First Submission from SGFIs by |
(First Exchange by)
|Denmark (PDF, 177KB)||2017||13 March 2017||5 June 2017||31 May 2018|
|Finland (PDF, 99KB)||2017||22 November 2016||31 January 2017||31 May 2018 |
|Iceland (PDF, 178KB)||2017||13 December 2016||31 January 2017||31 May 2018 |
|Ireland (PDF, 101KB)||2017||20 December 2016||31 January 2017||31 May 2018 |
|Latvia (PDF, 178KB)||2017||20 December 2016||27 February 2017||31 May 2018 |
|Lithuania (PDF, 175KB)||2017||23 February 2017||5 June 2017||31 May 2018 |
|Malta (PDF, 102KB)||2017||15 December 2016||31 January 2017||31 May 2018 |
|Norway (PDF, 306KB)||2017||25 October 2016||31 January 2017||31 May 2018 |
|South Africa (PDF, 180KB)||2017||24 October 2016||31 January 2017||31 May 2018 |
|United Kingdom (PDF, 234KB)||2017||16 September 2016||31 January 2017||31 May 2018 |
|Switzerland (PDF, 486KB)||2018||17 July 2017||1 August 2019|| 31 May 2019 |
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.2A jurisdiction becomes a "Reportable Jurisdiction" after the CAA for CRS between Singapore and that jurisdiction has entered into force.