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 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.
Previous Up-dates
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.
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…