On or about 6 Dec 2021, the Inland Revenue Authority of Singapore (IRAS) has updates its website contents to information on common reporting standard (CRS) registration and deregistration.
An entity that becomes a Reporting Singaporean Financial Institution (SGFI) between 1 January and 31 December (both dates inclusive) of the year should register for CRS by 31 March of the following year.
Companies should use the CRS Entity Classification self-review tool (provided by IRAS) to determine its CRS entity classification and check if it is required to register for CRS.
A company is required to register for CRS if it is a custodial institution, a depository institution, an investment entity or a specified insurance company that is a:
- resident in Singapore, excluding its branch outside Singapore; or
- a Singapore branch of any financial institution not resident in Singapore