Tax residence is defined by each country’s local tax laws and therefore may vary from country to country and depending on a particular context. In certain cases, a person could be considered a tax resident in more than one jurisdiction. Please confirm your tax residency with your tax advisor.
Yes. Under section 105M of the Singapore Income Tax Act it is an offence if any person, in making a self-certification, makes a statement that is false or misleading in a material particular, if that person knows or have reason to believe that such information is false or misleading. Such offence is punishable with a fine not exceeding $10,000 or imprisonment for a term not exceeding 2 years or both.
If you are unable to provide the requested information / certification, RHB Sec will not be able to proceed with the account opening for you.
Yes, all Singapore based financial institutions are expected to comply with IRAS requirements on CRS reporting.
If there is any change in the information provided to RHB Sec, you are required to inform RHB Sec promptly and provide RHB Sec with a self-certification on your tax residency within 30 days of the changes in your circumstances.
Your information will be provided to IRAS. IRAS will then disseminate your information to the relevant foreign country tax authority based on your reported foreign tax residency(ies). It is expected that Singapore’s selected partnering countries will have a strong rule of law in place to ensure there is confidentiality of information exchanged which are protected and not subject to unauthorised access or misuse.
You are required to provide RHB Sec information as to the classification of the trust (e.g. as financial institution or as passive non-financial entity) and provide the tax residency information of the trust’s relevant parties, as required. Trust is a complex subject, please seek assistance from your professional tax adviser if required.
Yes, RHB Sec will still collect your tax residency status and your information will be reported to IRAS as and when requested by IRAS.
Please refer to IRAS website on the countries that Singapore has a Competent Authority Agreement (“CAA”) for CRS with. https://www.iras.gov.sg/irashome/CRS/
You would need to provide a reason for the absence of TIN. Please check the OECD website for jurisdictions that provide information with respect to their TIN (http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/#d.en.347759) and seek advice from your tax adviser on this if required.
Currently reportable financial assets under CRS does not include a non-debt, direct interest in real estate property. However, shares or units in a real estate investment trust would generally be considered a reportable financial assets.