23 December 2016 Singapore enacts requirements of the Common Reporting Standard Singapore enacted the Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 (the Rules) on December 2. The Rules require Singaporean financial institutions to collect certain information on its customers starting January 1, 2017. The Common Reporting Standard (CRS) is an Organisation for Economic Co-operation and Development (OECD) endorsed standard for the automatic exchange of information for tax purposes. The CRS lays out the financial account information to be exchanged, the types of accounts and taxpayers covered, the financial institutions required to report and the customer due diligence procedures to be followed by financial institutions. A Tax Alert prepared by EY's Global Tax Desk Network, and attached below, provides additional details. Document ID: 2016-2215 |
