Your CRS solution from start to finish for private equity, venture capital, and other investment funds; fund administrators and trustees. Preparation of CRS and FATCA xmls, tailored to your funds, documentation of account holder CRS and FATCA status and electronic submission of CRS and FATCA Returns.
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.
Previous Up-dates
On 23 July 2019 the IRAS published the CRS Compliance Guideline e-Tax Guide.
It is a useful document which sets-out the frame work so that RFI (reporting financial institutions) and Trustees of trusts that are RFIs maybe able to demonstrate CRS compliance.
Paragraph 4.4 of the Guide states that: “IRAS will conduct reviews on Reporting SGFIs for their compliance with CRS. IRAS’ reviews will be guided by the following key elements:
For a presentation on the CRS Compliance Guideline e-Tax Guide the above , please contact us.
The international CRS framework requires signatory countries to pass local rules aligned with the common standard. Read more…
The CRS framework and its Regulations are interpreted in general terms and also in the context of industries and transactions. See for example:
Signatory countries sign-up to multi-lateral and bi-lateral agreements to give effect to the reporting of information to each other. The interpretation of each agreement can be different and has to be understood in the context of the framework. Read more…