Singapore’s Inland Revenue Authority (IRAS) issued on 6 May, 2024, a reminder to all reporting financial institutions that they must submit their Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) returns for the 2023 calendar year by 31 May, 2024.
The announcement also highlighted that IRAS has revamped its CRS Entity Classification Self-Review Toolkit, which is an online tool that allows entities to determine their classification under CRS regulations.
This tool can help institutions assess if they are required to register for CRS reporting.
This deadline applies to all reporting Singaporean financial institutions. Failing to submit the FATCA and CRS returns may result in enforcement actions.
