The Inland Revenue Authority of Singapore (IRAS) has announced that the implementation of exchanges under the Organisation for Economic Co-operation and Development’s (OECD) amended Common Reporting Standard (CRS) is anticipated to commence in 2028.
This timeline follows the IRAS’s publication of resources related to the OECD’s CRS amendments on 9 December 2024. The updated standard, designed to enhance the global automatic exchange of financial account information for tax purposes, introduces several significant changes:
- Expanded Scope: The Amended CRS broadens the range of reportable financial assets and intermediaries. It specifically targets new financial products and channels that serve as alternatives to traditional instruments, while strategically avoiding reporting duplication with the forthcoming Crypto-Asset Reporting Framework (CARF).
- Enhanced Reporting: Key amendments aim to improve the effectiveness and quality of the data reported under the CRS framework.
- Increased Clarity & Consistency: The Commentary accompanying the CRS has been augmented with additional details. This enhancement is intended to promote greater uniformity and reduce ambiguity in how jurisdictions and financial institutions apply the standard.
- Incorporated Guidance: Previously issued Frequently Asked Questions (FAQs) and other interpretative guidance have been formally integrated into the Amended CRS structure, providing consolidated reference material for stakeholders.
The 2028 commencement date for exchanges under the Amended CRS provides financial institutions and other Reporting Singaporean Financial Institutions (SGFIs) in Singapore with a clear timeframe for adapting their systems and processes to meet the new requirements. IRAS has indicated that further details and implementation guidance will be released in due course.
Source: IRAS, 26 June 2025.