1. The Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 (“Regulations”) were published on 2 December 2016. A copy of the Regulations can be found on the Inland Revenue Authority of Singapore’s (IRAS) website (https://www.iras.gov.sg/IRASHome/CRS/).
2. The Regulations allow Singapore to implement the Standard for Automatic Exchange of Financial Account Information in Tax Matters (“AEOI”), also known as the Common Reporting Standard (“CRS”), with effect from 1 January 2017.
3. The CRS is an internationally agreed standard for AEOI, endorsed by the OECD and the Global Forum for Transparency and Exchange of Information for Tax Purposes. 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 the financial institutions. More than 100 jurisdictions, including major financial centres such as Hong Kong, Luxembourg and Switzerland, have endorsed the CRS and have commenced AEOI in either 2017 or 2018. Singapore has committed to implement the CRS and the first exchange took place in In September 2018.
 The Regulations will require all financial institutions to put in place necessary processes and systems to collect CRS information from all non-Singapore tax resident account holders (known as the “Wider Approach”) from 1 January 2017. Such collection of information by FIs is necessary in order for FIs to submit the required information to IRAS in 2018, for subsequent exchange under the CRS. This timeline is in accordance with Singapore’s commitment to commence first exchange of information under the CRS in 2018.
Ministry of Finance