CRS Update – Singapore

  1. The CRS XML Schema Version 2.0 has come into effect from 1 February 2021. All new, nil, corrected or deletion CRS Returns in XML format, including returns relating to Reporting Years 2017 to 2019, must be formatted and submitted using the CRS XML Schema Version 2.0 with effect from 1 February 2021.
  2. The list of updated Reportable Jurisdiction for 2020 CRS reporting have been updated on 9 February 2021 and available in the Inland Revenue Authority of Singapore website. 4 new Reportable Jurisdictions ; Costa Rica, Curacao, Peru and Turkey, were added into the list and the total number of Reportable Jurisdictions reportable by Singapore stand at 70 . Singapore Financial Institutions are required to submit 2020 CRS information by 31 May 2021.

Source: IRAS website: https://www.iras.gov.sg/irashome/Quick-Links/International-Tax/Common-Reporting-Standard/