Common Reporting Standards (CRS)
Common Reporting Standards is an international agreement to exchange financial account information in tax matters to identify account holders who are tax residents of other participating jurisdictions.
OverviewCommon Reporting Standards (CRS) is the internationally agreed standard for the exchange of financial account information, which has been endorsed by the Organisation of Economic Cooperation and Development (OECD). CRS came into effect in Singapore from 1 January 2017.
Under CRS, financial institutions in Singapore have to identify their account holders who are tax residents of the other reportable jurisdictions. Relevant account information of these account holders would be reported to IRAS, which would in turn exchange the information with the tax authorities of the participating jurisdictions where the account holders are tax residents.
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