Retail Banking and Wealth Management – Singapore
To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard (“the CRS”) and we’d like to help you understand what it means for you.
Under the CRS, we are required to determine where you are “tax resident” (this will usually be where you are liable to pay income or corporate taxes). We will base this on information we have already or we may ask you for additional details.
If your country/countries of tax residency is/are different from the country where your account is held, we may need to give information to the Inland Revenue Authority of Singapore (IRAS) who may share the information with the country of your tax residency, along with information relating to your accounts.
What do you need to do?
In order to confirm your status under the CRS, you may be asked to complete the CRS Self-Certification Form for use by Individuals (CRS-I) (PDF, 139KB) and return it to your branch or relationship manager.
Please note that you may receive more than one request for information, if you have multiple relationships with us.
If you have any questions regarding your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority. If you have any questions on how to define your tax residency status, please contact a professional tax adviser, as we are unable to provide tax advice. You may also find useful guidance on the OECD CRS portal.
Page last updated November 2016