Singapore exchanges CRS information with Japan and Korea

Singapore shows its commitment to implement the Common Reporting Standard (CRS). Hence, Singapore-based financial institutions will be required to transmit to tax authorities CRS information of their account holders who are tax residents of jurisdictions that Singapore has a Competent Authority Agreement for CRS with.

Singapore has signed four agreements, from September, when it first announced its compliance with CRS, to October. The last two ones were signed with Japan and Korea on October 13 y 14, respectively. As with previous agreements, the first exchange of information is also scheduled for September 2018.