The Common Reporting Standard ("CRS") is an internally agreed standard for the exchange of information endorsed by the OECD and the Global Forum for Transparency and Exchange of Information for Tax Purposes. Singapore has committed to implementing the CRS and exchanging financial account information with partner jurisdictions since September 2018. Accordingly, Singapore Financial Institutions ("SGFIs") are required to put in place necessary processes and systems to collect financial account information from its account holders.
On 23 July 2019, the Inland Revenue Authority of Singapore ("IRAS") published the first edition of its CRS Compliance Guidelines to assist SGFIs with their CRS compliance obligations and indicate IRAS' expectations SGFIs' CRS compliance framework. Following the release of the CRS Compliance Guideline, IRAS has been and still is conducting risk reviews on SGFIs. We expect the number of risk reviews by IRAS to increase as the COVID-19 situation improves and a shift from CRS filings to the compliance reviews, especially when there is a recent increase in penalties announced by IRAS in November 2021 for non-compliance with CRS obligations.
BDO will be organising a live webinar on 6 April 2022 from 9:30 am to 11:00 am. In this webinar, we will cover the following key topics:
- Global Forum and their peer reviews on CRS
- The fundamentals of CRS Compliance Guidelines
- IRAS' CRS review activities
- Implications on your compliance activities
- Common failures and incorrect practise
We look forward to meeting you virtually.
Date:
6 April 2022
Time:
9:30 am to 11:00 am (SGT)
Fees:
Complimentary
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The organiser reserves the right to change the date and programme due to circumstances outside our control. Registration is on a first-come first-served basis and you will receive the webinar link via email (nearer the date) when your registration is confirmed.