The Inland Revenue Authority of Singapore (IRAS) announced that beginning February 2021, it will adopt the new common reporting standard (CRS) XML schema (version 2.0) from the Organisation for Economic Cooperation and Development (OECD).
Accordingly, CRS returns related to reporting years 2017 to 2019 must be formatted and submitted using CRS XML schema (version 2.0), effective 1 February 2021.
Additionally, IRAS stated it will not accept any CRS returns between 25 January 2021 and 31 January 2021, to allow for a smooth transition of the new XML schema. IRAS will reject any CRS returns submitted during this period.
Read an August 2020 report [PDF 75 KB] prepared by the KPMG member firm in Singapore
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