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Singapore: CRS guidance is finalized

Singapore: CRS guidance is finalized

The Inland Revenue Authority of Singapore (IRAS) has finalized guidance under the common reporting standard (CRS).

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The final version of this guidance reflects changes that did not appear in the draft version of this CRS guidance, such as:

  • Descriptions of certain terms including (1) anti-money-laundering / know-your-customer (AML / KYC) procedures; (2) direct central securities depository (CSD) accounts; and (3) established securities market
  • A “CRS entity classification self-review tool” to help reporting entities determine their CRS entity classification
  • An updated flowchart regarding classification of an entity
  • An updated definition of collective investment scheme

Additionally, IRAS has added a new “CRS compliance” section to its website.


Read a July 2019 report [PDF 70 KB] prepared by the KPMG member firm in Singapore

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