The Singapore tax authority (Inland Revenue Authority of Singapore (IRAS)) announced that it has updated the services available in its AEOI e-services portal.
Among other updates, it is now possible for Singapore Financial Institutions (FIs) to authorize their staff or third parties as users in the Singapore portal. However, the Singapore FI may not authorize a third party who is not domiciled in Singapore to submit a CRS return on behalf of the Singapore FI.
The deadline to register reporting Singapore FIs created between January 1, 2017 and December 31, 2017 in the Singapore CRS portal is March 31, 2018.
The application for CRS registration will take approximately three weeks to process. IRAS will send an e-mail to the Point of Contact once IRAS completes the application review.
Do not forget to deregister any Singapore sub-funds for which you obtained a separate Global Intermediary Identification Number (GIIN). [See my previous blog: November 24, 2017: CRS & FATCA: Singapore Sub-Fund Deregistration & Service Provider Limitations].
In addition to reporting U.S. Persons pursuant to FATCA, Singapore FIs must submit a CRS report to IRAS on account holders resident in the following jurisdictions:
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