Skip to main content

Government officials will never ask you to transfer money or disclose bank log-in details over a phone call.

Call the 24/7 ScamShield Helpline at 1799 if you are unsure if something is a scam.

Ministry of Finance (MOF)
Public Consultations

Public Consultation on Proposed Regulations on The Standard for Automatic Exchange of Financial Account Information in Tax Matters

Topics

IRAS

MAS

11 July 2016

This article has been migrated from an earlier version of the site and may display formatting inconsistencies.

  1. Ministry of Finance ("MOF"), Monetary Authority of Singapore ("MAS") and the Inland Revenue Authority of Singapore ("IRAS") have proposed regulations to allow Singapore to implement the Standard for Automatic Exchange of Financial Account Information in Tax Matters ("AEOI")[1], also known as the Common Reporting Standard ("CRS") with effect from 1 January 2017. This is necessary in order for Singapore to meet carry out her international commitment to commence AEOI under the CRS in 2018.

  2. The CRS is an internationally agreed standard for AEOI, endorsed by OECD and the Global Forum for Transparency and Exchange of Information for Tax Purposes (“GF”). The CRS sets out the financial account information to be exchanged, the financial institutions (“FIs”) required to report, the different types of accounts and taxpayers covered, as well as the customer due diligence procedures to be followed by FIs. More than 100 jurisdictions, including major financial centres such as Dubai, Hong Kong, Luxembourg and Switzerland, have endorsed the CRS and will commence AEOI in either 2017 or 2018.

  3. MOF, MAS and IRAS are inviting public feedback on the draft Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016. The regulations include the proposed list of financial institutions and accounts that are excluded from the scope of reporting, as well as the due diligence and reporting requirements to implement the CRS.

  4. The public consultation will be from 11 to 29 July 2016.

SCOPE OF THE CONSULTATION EXERCISE

  1. The Regulations set out the reporting and due diligence requirements which include the following:

  2. The draft Regulations provide elaboration on how terms used within the CRS apply in the Singapore context, and provide for CRS-permitted modifications on the reporting and due diligence requirements of Singapore-based FIs. A copy of the CRS is attached as a Schedule to the draft Regulations. The CRS is accompanied by the Commentaries on the Common Reporting Standard (“CRS Commentaries”) that provide additional information on how the provisions in CRS should be interpreted to ensure consistency in application across jurisdictions. The CRS Commentaries can also be accessed here.

GUIDELINES

  1. We would appreciate your support and participation to ensure that the consultation exercise is productive and focused. Respondents are requested to observe these guidelines:

  2. This draft Regulations is released only for the purpose of consultation and should therefore not be used for individual or business decisions as it does not represent the final Regulations. All comments received during the consultation exercise will be reviewed thoroughly.

PERIOD OF CONSULTATION

  1. The draft Regulations is available for public consultation from 11 to 29 July 2016. We regret that comments received after 29 July 2016 will not be considered.

FEEDBACK CHANNEL

  1. We encourage all interested participants to submit your comments via this email address, CRS@iras.gov.sg. You can also send us your comments, using the prescribed template, via:

SUMMARY OF RESPONSES

  1. We will publish a summary of the main comments received on the Ministry of Finance’s website, together with our responses, by the end of September 2016. The identities of respondents will not be disclosed in the summary.

DOCUMENTS TO DOWNLOAD

Income Tax (International Tax Compliance Agreements) (Automatic Exchange of Financial Account Information in Tax Matters) Regulations 2016 (pdf)

Standard for Automatic Exchange of Financial Account Information in Tax Matters (“AEOI”), also known as the Common Reporting Standard (“CRS”) (https://www.oecd.org/ctp/exchange-of-tax-information/automatic-exchange-financial-account-information-common-reporting-standard.pdf)

Commentaries on the CRS (http://www.keepeek.com/Digital-Asset-Management/oecd/taxation/standard-for-automatic-exchange-of-financial-account-information-in-tax-matters/commentaries-on-the-common-reporting-standard_9789264216525-7-en#page1)

Prescribed Template for Submission of Comments (word) (pdf)

Other useful references:

You may obtain a copy of the Income Tax Act here.

---

[1] AEOI refers to the regular exchange of financial account information between jurisdictions for tax purposes, with the objective of detecting and deterring tax evasion by taxpayers.

Back to top