On or about 11 February 2020, the Inland Revenue Authority of Singapore (IRAS) updates information on List of Reportable Jurisdictions for 2020 Common Reporting Standard (CRS) information reporting.
The CRS is an internationally agreed standard for the automatic exchange of financial account information between countries for tax purposes, to better combat tax evasion and ensure tax compliance.
The CRS sets out the following:
- financial account information to be exchanged
- financial institutions (FIs) required to report
- different types of accounts and taxpayers covered, and
- customer due diligence procedures to be followed by FIs.
The Reporting Singaporean Financial Institutions (SGFIs) are to submit 2019 CRS information by 31 May 2020.
Source: IRAS website, 11 February 2020