{"id":2121,"date":"2024-12-12T12:04:11","date_gmt":"2024-12-12T04:04:11","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=2121"},"modified":"2025-08-11T12:08:22","modified_gmt":"2025-08-11T04:08:22","slug":"iras-releases-implementation-resources-on-oecds-amended-common-reporting-standard","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2024\/12\/12\/iras-releases-implementation-resources-on-oecds-amended-common-reporting-standard\/","title":{"rendered":"IRAS Releases Implementation Resources on OECD\u2019s Amended Common Reporting Standard"},"content":{"rendered":"\n<p>Singapore\u2019s Inland Revenue Authority (IRAS) has published key resources to implement the newly amended <em>Common Reporting Standard (CRS)<\/em>, following the Organisation for Economic Co-operation and Development\u2019s (OECD) first comprehensive review of the framework.<\/p>\n\n\n\n<p>The updates, released by the OECD earlier this year, significantly broaden CRS coverage to include <em>new financial assets, investment products, and intermediary structures<\/em>. This expansion aims to enhance global tax transparency and combat evasion through strengthened automatic exchange of information (AEOI).<\/p>\n\n\n\n<p>IRAS has now made available:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>The revised <em>International Standards for Automatic Exchange of Information in Tax Matters<\/em><\/li>\n\n\n\n<li>The updated <em>CRS XML Schema v2.0<\/em><\/li>\n<\/ol>\n\n\n\n<p>These documents provide technical specifications for financial institutions to adapt reporting systems ahead of the 2025 implementation timeline.<\/p>\n\n\n\n<p>IRAS confirmed it will:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Conduct industry consultations on operational adjustments<\/li>\n\n\n\n<li>Update its <em>CRS e-Tax Guide<\/em>, <em>FAQs<\/em>, and <em>XML Schema User Guide<\/em> in early 2025<\/li>\n<\/ul>\n\n\n\n<p>The amendments represent the most substantial overhaul of CRS since its inception, requiring swift system upgrades by reporting Singaporean financial entities to ensure compliance with extended due diligence and disclosure requirements.<\/p>\n\n\n\n<p><strong>Source:<\/strong> IRAS, 9 December 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore\u2019s Inland Revenue Authority (IRAS) has published key resources to implement the newly amended Common Reporting Standard (CRS), following the Organisation for Economic Co-operation and Development\u2019s (OECD) first comprehensive review of the framework. The updates, released by the OECD earlier this year, significantly broaden CRS coverage to include new financial assets, investment products, and intermediary [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,8,6],"tags":[],"class_list":["post-2121","post","type-post","status-publish","format-standard","hentry","category-accounting","category-incometax","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/2121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=2121"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/2121\/revisions"}],"predecessor-version":[{"id":2122,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/2121\/revisions\/2122"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=2121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=2121"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=2121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}