On 12 January 2024, the Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide on common reporting standard. The Common Reporting Standard (CRS) is a globally accepted standard designed for the automatic exchange of financial account information between jurisdictions to enhance the fight against tax evasion and ensure compliance with tax regulations.

The updated guide outlines Singapore’s adoption of the Common Reporting Standard (CRS), an internationally endorsed framework facilitating the automatic exchange of financial account information between jurisdictions for tax purposes. This implementation aims to enhance efforts to combat tax evasion and ensure compliance with tax regulations.
This e-Tax Guide provides comprehensive coverage of several key aspects related to the implementation of the Common Reporting Standard (CRS). It elucidates the categorization of entities, including financial institutions (FIs), reporting Singapore financial institutions (SGFIs), non-reporting SGFIs and non-financial entities (NFEs) in accordance with the CRS framework.

Additionally, the guide details the classification of in-scope accounts, distinguishing financial accounts from excluded accounts. It outlines the necessary due diligence procedures mandated for reporting SGFIs to effectively identify reportable accounts.

Furthermore, the guide addresses the registration obligations imposed on reporting SGFIs and delves into the specifics of the information that must be reported by these institutions. In essence, the guide serves as a comprehensive resource for understanding and implementing the key components of CRS within the context of Singapore’s tax framework.