The Common Reporting Standard (CRS) is an international standard for the automatic exchange of financial account information between tax authorities. The CRS is developed by the Organisation for Economic Co-operation and Development (OECD) to reduce the risk of global tax evasion. It is an important tool for ensuring fair and transparent taxation of individuals and businesses worldwide.
The Common Reporting Standard (CRS) is an internationally agreed standard for the automatic exchange of financial account information between tax authorities. The CRS laws in Singapore require financial institutions to identify, report and exchange certain financial information on their customers to the relevant tax authorities.
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Under the CRS, financial institutions must identify their customers and collect information such as name, address, date of birth, and tax identification number. They must then report this information to the relevant tax authority, which then exchanges it with the tax authority of another jurisdiction.
In addition, the CRS requires financial institutions to monitor and report any changes to the financial information they have collected. This includes any changes to the customers' accounts, such as transfers, distributions, or payments. The Common Reporting Standard (CRS) is an important tool for ensuring fair and transparent taxation of individuals and businesses worldwide.
It requires financial institutions to identify, report and exchange certain financial information on their customers to the relevant tax authorities. The CRS is currently being implemented in over 100 countries worldwide and is an important step towards reducing the risk of global tax evasion.