New CRS rules in Singapore

The Common Reporting Standard regulating the collection and exchange of tax information in Singapore is one of the most important documents governing the conduct of business in the city-state. We should remember that the Common Reporting Standard (CRS) is an informal name. The official name of the standard is much longer: “Unified Standard for Automatic Exchange of Financial Account Information in Tax Matters”.

CRS Singapore

The latest CRS novelty posted on the regulator’s official website (IRAS, Inland Revenue Authority of Singapore) can hardly be called critical. It includes the update of the list of jurisdictions for which reporting is mandatory in 2022 and 2023. Several countries have been added to the general list: Ghana, the Maldives, and Jamaica. The document also introduces a refreshed reporting deadline – May 31, 2023.

Singapore has been participating in the system of automatic exchange of tax information since 2018. The main changes that have happened lately include the following:

April 25, 2022. For SGFI (Singaporean Financial Institution), the established deadline for submitting the CRS declaration for each reportable account for 2021 is May 31, 2022.

February 3, 2022. The updated list of jurisdictions participating in the CRS.

December 1, 2021. Starting on 16 November, 2021, the fines for violation of the reporting / filing rules were increased to SGD 5,000 + SGD 100 for each day until the violation is eliminated. New account exceptions for CRS purposes were also introduced.

May 12, 2021. Simplification of the procedure for registration / submission of documents for QPIC (Qualifying Personal Investment Companies).

April 12, 2021. Outline of the conditions for filing a CRS return for 2020. The time frame is April 19 to May 31, 2021.

Changes on the list of countries participating in the automatic information exchange with Singapore:

For 2022: Ghana, Jamaica, the Maldives.

For 2021: Albania, Ecuador, Kazakhstan, Saint Lucia, Andorra, Grenada, Nigeria.

For 2020: Costa Rica, Curacao, Peru, Turkey.

For 2019: Cook Islands, Cyprus, Mauritius.

For 2018: Antigua and Barbuda, Monaco.

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