The Inland Revenue Authority of Singapore (IRAS) has released the definitive list of Reportable Jurisdictions for Calendar Year 2024 under the Common Reporting Standard (CRS) framework. Reporting Singaporean Financial Institutions (FIs) must submit financial account information of tax residents from these jurisdictions to IRAS by 31 May 2025.
Key Updates:
- New Additions: Armenia, Belize, Moldova, and Ukraine have been added to the 2024 Reportable Jurisdictions list.
- Scope: Applies to all accounts maintained by Reporting Singaporean FIs during calendar year 2024.
- Deadline: CRS reports must be transmitted electronically via IRAS’ designated portal no later than 31 May 2025.
Action Required:
Affected FIs should immediately review account records, enhance due diligence procedures for the newly added jurisdictions, and ensure systems align with updated reporting requirements. Failure to comply may result in penalties under Singapore’s Income Tax Act.
Background:
The CRS, adopted by over 100 jurisdictions globally, mandates automatic exchange of financial account information to combat tax evasion. Singaporean FIs include banks, custodians, investment entities, and specified insurance companies.
Source: IRAS, 4 February 2025.