Retail Banking and Wealth Management – Singapore
To help fight against tax evasion and protect the integrity of tax systems, governments around the world have introduced 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” (in general, this will depend on where you live and your circumstances).If you are tax resident outside Singapore, we will need to provide your jurisdiction(s) of tax residence, along with information relating to your account(s) to the Inland Revenue Authority of Singapore (“IRAS”). IRAS may share this information with tax authorities of other participating jurisdictions.
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) and return it by mail or 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 and/or taxpayer identification number (TIN), please refer to the rules governing tax residence and rules governing TIN 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. You may also find useful guidance on the OECD CRS portal.
Page last updated September 2022