The Common Reporting Standard("CRS") will take effect in Singapore from 1 January 2017.
CRS is a set of rules on information gathering and reporting which Singapura Finance is subject to. The aim of CRS is to facilitate the automatic exchange of information ("AEOI") between Singapore and other countries on holders of financial accounts, with the aim of identifying and counteracting global tax evasion.
Under CRS, we have a legal obligation to gather certain information on our new customers, identify customers that are not "tax resident" in Singapore and report information on certain non-resident customers to the Inland Revenue of Singapore ("IRAS"). We may also need to request additional information from certain existing customers.
For our existing customers that are affected by CRS, we will contact you directly and confirm what steps need to be taken. New customers will be required to complete CRS forms as part of the process of opening their accounts with us.
For further information on CRS and AEOI, please refer to the dedicated CRS page on the IRAS website (https://www.iras.gov.sg/irashome/CRS/)