Singapore CRS Implementation Notice: 1 January 2017

Key steps and distinctions

The CRS Regulations took effect on 1 January 2017. Financial institutions were required to establish processes and systems for collecting information from holders of new accounts opened from that date, under the wider approach. They had to determine tax-residence status and, in 2018, transmit information for holders resident in jurisdictions with which Singapore had a Competent Authority Agreement. Such an agreement operates through an existing legal instrument, for example the multilateral administrative-assistance convention or a bilateral tax treaty. The notice explains the policy objective of detecting and deterring offshore-account tax evasion and places Singapore in the initial global exchange timetable. Distinguish collecting residence information across accounts from exchanging every account with every country: reportability depends on the applicable partner and account rules. This notification documents the beginning of the regime, rather than setting current annual deadlines or replacing the detailed reporting-institution classification and due-diligence rules. Retain it as historical background and use the relevant current instructions for registration, return preparation and account reviews.