Wednesday, January 4, 2017

Common Reporting Standards

The Inland Revenue Authority of Singapore (“IRAS”) has published the Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016. Reporting Singapore Financial Institutions ("SGFIs") must:

  • Obtain a self-certification from their new clients with regards to their tax residence starting from 1 January 2017;
  • Complete specified due diligence on all higher-value pre-existing clients by 31 December 2017 and the rest of their clients by 31 December 2018; 
  • Register electronically with IRAS by 31 March 2016 and report specified information on reportable accounts by 31 May 2018.

These regulations are based on the amendments made in the Income Tax (Amendment No. 2) Bill that provides for the implementation of the Automatic Exchange of Information ("AEOI"), under the Common Reporting Standards ("CRS").

For more information, please read our regulatory updates by clicking on the links below: