On 1 February 2021 IRAS published a reminder that CRS XML Schema Version 2.0 has come into effect from 1 February 2021. All new, nil, corrected or deletion CRS returns in XML format, including returns relating to Reporting Years 2017 to 2019, must be formatted and submitted using the CRS XML schema Version 2.0 with effect from 1 February 2021.
IRAS also published a reminder that CRS registration deadline for an entity that became a Reporting SGFI between 1 January 2020 and 31 December 2020 (both dates inclusive) is 31 March 2021.
Regulation 10(1) of Singapore’s Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2015 requires that a reporting Singaporean financial institution must, in respect of 2014 and every following calendar year, prepare and provide to Comptroller, or a person authorised by the comptroller under section 105L of the Income Tax Act.
Regulation 10 (4) clarifies that if, during the calendar year in question, the reporting Singaporean financial institution maintains no U.S. reportable accounts, the return must state that fact.