Interpretation of Singapore Financial Institutions' CRS Reporting Forms
Most readers know that overseas financial institutions exchange account holder information with tax authorities in their tax residency jurisdictions under the Common Reporting Standards (CRS). However, few are aware of the specific information exchanged. While we have previously discussed the specifics of this exchange, this article takes a different angle by examining what exactly financial institutions report to tax authorities from the perspective of the CRS reporting form (the form financial institutions use to report account holder information to tax authorities).
The CRS reporting form we are studying is the version 2.0 CRS Return prepared by the Inland Revenue Authority of Singapore (IRAS) for financial institutions (click to download). We will interpret each section that financial institutions need to fill out.