On August 25, 2017 the Inland Revenue Authority of Singapore (IRAS) published a draft e-Tax Guide on the Common Reporting Standard (CRS) for consultation. The consultation period will run from August 25 until September 25, 2017. IRAS invites all interested parties to submit their comments on the draft e-Tax Guide using the feedback template that is enclosed as an Annex to the draft e-Tax Guide.

The aim of the e-Tax Guide is to provide guidance to entities, in particular, Singaporean Financial Institutions (SGFIs), in understanding the CRS framework and their CRS compliance obligations.

The e-Tax Guide addresses a.o. the following topics:

·   The types of entities that are regarded as FIs (and Reporting SGFIs), Non-Reporting FIs and Non-Financial Entities under the CRS;

·   The types of in-scope Financial Accounts and Excluded Accounts;

·   The due diligence procedures required to be applied by Reporting SGFIs to identify Reportable Accounts;

·   The registration requirements of Reporting SGFIs; and

·   The information to be reported by Reporting SGFIs.

Click here to be forwarded to the draft e-Tax Guide on the Common Reporting Standard as released for consultation by IRAS.

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