The Inland Revenue Authority of Singapore (IRAS) has released updated FAQs regarding the Common Reporting Standard (CRS) on 25 July 2024.
The Common Reporting Standard (CRS), developed by the Organisation for Economic Co-operation and Development (OECD) in 2014, is a global information standard for the Automatic Exchange of Information (AEOI) on financial accounts between tax authorities. Its main purpose is to combat tax evasion.
The update in section F.9 of the FAQs offers guidance on reporting the account balance of account holders in an Investment Entity trust.
