As you should be aware, Singapore has committed to implement the Common Reporting Standard (“CRS”) and the first exchange of information between participating jurisdictions relating to the calendar year 2017 is to take place by September 2018.
Singaporean Financial Institutions (“SGFIs”) are required to apply to the Inland Revenue Authority of Singapore (“IRAS”) for CRS registration by 31 March 2018. Reporting on the particulars and account information of its Account Holders is to be done by 31 May 2018. Non-compliance is an offence and would result in penalties imposed.
If you are required to apply for CRS registration as an SGFI and have not done so, please do so immediately.
For more information: https://www.iras.gov.sg/irashome/crs/
If you need further assistance on this matter, please contact our team of professionals:
Chow Khen Seng
Partner & Industry Lead, Financial Services
T +65 6715 1388
Partner & Deputy Industry Lead, Financial Services
T +65 6594 7627