Singapore Updates CRS Reportable Jurisdictions

The Inland Revenue Authority of Singapore (IRAS) published its updated list of reportable jurisdictions on February 1, 2023. It has added Ghana, Jamaica and the Maldives as reportable jurisdictions for Y2022 reporting. No jurisdictions were removed compared to the Y2021 reporting list.

The deadline for Reporting Singapore Financial Institutions (SGFIs) to submit Y2022 CRS returns to IRAS is May 31, 2023. Singapore does require CRS nil returns. Reporting SGFIs may face enforcement actions, including a penalty of up to S$5,000, for late or non-filing of their CRS returns.

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