The consultation was launched in conjunction with the Monetary Authority of Singapore (Mas) and the country’s Inland Revenue Authority (IRAS).
The three financial bodies have requested feedback on the draft Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016.
Under the proposal, the legislation would come into force from 1 January 2017.
Common Reporting Standard
The CRS is an internationally agreed standard for the automatic exchange of information, endorsed by the Organisation for Economic Cooperation and Development (OECD) and the Global Forum for Transparency and the Exchange of Information for Tax Purposes.
The standard sets out the information that can be exchanged, the financial institutions required to report, the accounts and taxpayers covered by the scope of the standard, as well as customer due diligence requirements.
More than 100 jurisdictions, including Dubai, Hong Kong, Luxembourg, and Switzerland have endorsed the CRS and will implement it in either 2017 or 2018.
The public consultation will run from 11 July to 29 July 2016. To access the consultation document, click here.
