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:
- IRAS’ expectations of Reporting SGFIs’ CRS compliance approach;
- CRS internal controls, specifically a set of 23 hallmarks or desired outcomes that are aligned with Reporting SGFIs’ CRS obligations and would demonstrate their effective compliance with CRS;
- A self-review toolkit that Reporting SGFIs may use to assess the sufficiency and robustness of their CRS internal controls;
In paragraph 5.1.3 IRAS states that it “will take the right actions at the right time.
- IRAS will work with and assist Reporting SGFIs that are voluntarily compliant to ensure their compliance with CRS in Singapore.
- On the other hand, IRAS will not hesitate to take deterrent measures such as issuing warnings and imposing penalties on errant Reporting SGFIs that choose to be non-compliant.
For a presentation on the CRS Compliance Guideline e-Tax Guide the above , please contact us.
21 June 2017, Singapore signed the CRS Multi-lateral Competent Authority Agreement (“MCAA”). The 2017 Reporting Year was the first year of CRS reporting.
For the 2018 Reporting Year new countries were added to the Reporting Jurisdiction list, including Hong Kong and Indonesia.