Introduction
What is CRS?
- CRS stands for Common Reporting Standard.
- It is an internationally agreed standard for automatic exchange of financial account information, between jurisdictions for tax purposes.
- The main objective of the information exchange is for tax authorities to detect and deter taxpayers that have kept their untaxed money in accounts held in foreign financial institutions.
FAQ
Why is this relevant to me as a customer?
- The Bank is required to establish the tax residence(s) of all their customers with effect from 1 January 2017 to comply with CRS. You are required to provide your jurisdiction of residence for tax purposes with your Taxpayer Identification Number if applicable in your self -certification.
- In general, the tax residency of individuals, is determined by the person’s physical presence or duration of stay in a jurisdiction (e.g. whether the individual’s stay in a jurisdiction is over 183 days over a tax year). You may seek confirmation from the tax authority of the jurisdiction whether you are regarded as a tax resident for the duration of your stay.
- The Branch will then report to IRAS the financial account information of customers who are tax residents of jurisdictions where Singapore has a Competent Authority Agreement ("CAA") based on CRS to exchange the information with.
What if my information or tax status change after my initial declaration?
- Please inform and update us on the change which affect your tax residency status(e.g. you have been seconded by your employer to work in overseas for more than 6 months and you are a tax resident there) as soon as reasonably possible.
- You will be required to complete new self -certification and provide the relevant details.
