Common Reporting Standard (CRS)
The Common Reporting Standard (CRS) is an internationally recognized standard used to automatically exchange financial account information for tax purposes between various jurisdictions to better combat tax evasion and ensure tax compliance.
The CRS lists the financial account information to be exchanged, the financial institution (FI) that needs to report, the different types of accounts and taxpayers covered, and the customer due diligence procedures that the FI should follow. CRS is built on the basis of the FATCA reporting system to maximize efficiency and reduce the cost of implementing jurisdictions and their FIs.
An entity that becomes a Reporting SGFI between 1 January and 31 December (both dates inclusive) of the year is to register for CRS by 31 March of the following year. A failure to comply with this registration requirement is an offence under the CRS Regulations.
can file their CRS return(s)
CRS Return Filing for the Reporting Year 2019
must submit CRS return(s) to IRAS, setting out the required information in relation to every Reportable Account that was maintained in Calendar Year 2019, by 31 May 2020.
The CRS registration deadline for an entity that became a Reporting SGFI between 1 January 2019 and 31 December 2019 (both dates inclusive) is 31 March 2020. Such Reporting SGFIs are reminded to apply for CRS registration by 31 March 2020.