Common Reporting Standard (CRS) is an internationally agreed standard for Automatic exchange of information (“AEOI”) on financial account information, endorsed by the Organisation for Economics Co-operation and Development (OECD) and the Global Forum for Transparency and exchange of Information for tax purposes.
The CRS is developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis for tax transparency purpose. You may find further information on CRS at http://www.oecd.org/tax/automatic-exchange/
CRS requires financial institutions to identify their customer’s tax residency and report the customer’s financial accounts to the local tax authority. The local tax authority is expected to exchange this information with the relevant tax authority in a participating country.
Singapore has announced that it has committed to implement CRS with the 1st exchange to take place by September 2018. Singapore-based Financial Institutions (“SGFIs”) will be required to transmit to IRAS the CRS information of their account holders who are tax residents of jurisdictions that Singapore has a Competent Authority Agreement (“CAA”) for CRS.
101 countries have committed to CRS, including all major financial centres around the world. You may view the full list of participating countries at https://www.oecd.org/tax/transparency/AEOI-commitments.pdf
RHB Sec is required to:
RHB Sec will request that customers complete a self-certification form that includes a declaration of their tax residency. Customers are responsible for completing the self-certification and informing RHB Sec of changes in circumstances that may impact their CRS classification.