Singapore and France sign agreement to exchange financial information for tax purposes under CRS

4 April 2017

On 27 March 2017, Singapore and France signed a Competent Authority Agreement (CAA) on the automatic exchange of information (AEOI) under the Common Reporting Standard (CRS).

Under the CAA, the Inland Revenue Authority of Singapore (IRAS) will automatically exchange on an annual basis with the France’s Revenue Authorities, financial account information held in Singapore by France’s tax residents. Likewise, France’s Revenue Authorities will automatically exchange with IRAS, financial account information held by Singapore tax residents in France.

The first exchange will take place by September 2018. The first submission required from Singapore-based FIs (SGFIs) to IRAS is by 31 May 2018 for the calendar year 2017.

The CAA is awaiting ratification and does not have the force of law. The full text of the CAA is available on the IRAS website.

Source: IRAS

IRAS publishes seminar materials and tax information for filing of returns for self-employed persons

4 April 2017

On 17 March 2017, the Inland Revenue Authority of Singapore (IRAS) updated its website with seminar slides and tax information for self-employed persons.

The essential tax information serves to assist self-employed persons in the various trades when filing their tax returns, and are categorised by the following segments:

  • Beauty and wellness operators
  • Childcare centre operators
  • Commission agents (e.g. property/insurance agents)
  • Entertainers and entertainment organisers
  • Hawkers
  • Lawyers
  • Maid agencies
  • Medical practitioners
  • New self-employed persons/Sole-proprietors
  • Sharing economy players
  • Small Office Home Office (SOHO) registrants
  • Social media influencers such as bloggers and YouTubers
  • Sportspersons
  • Taxi drivers registered with taxi operators
  • Tuition centre/agency operators

For full details, please refer to the IRAS website.

Source: IRAS

FATCA Return submission due for Reporting Year 2016

17 March 2017

Under the FATCA regulations, a Reporting Singapore-based Financial Institution (SGFI) is required to submit a FATCA return in relation to every US reportable account it maintains on or before 31 May of the year following the calendar year to which the return relates.

The return will include information on every US Reportable Account that is maintained in calendar year 2016, and all payments made to each nonparticipating financial institution (nonparticipating FFIs) in calendar year 2016.

A Reporting SGFI that did not maintain any US Reportable Accounts or make payment to nonparticipating FFIs in 2016 is required to submit a Paper Nil return to IRAS. IRAS has advised that the  Paper Nil Return is available for download from 3 April 2017.

Filing for FATCA returns for reporting year 2016 will commence on 15 April 2017. SGFIs are required to submit the return to IRAS by 31 May 2017.

Source: IRAS

Singapore’s CAA agreements to exchange financial information for tax purposes under the CRS with Australia, Canada, Italy, Korea and Latvia entered into force on 27 February 2017

3 March 2017

Singapore’s Competent Authority Agreements (CAA) agreements to exchange financial information for tax purposes under the Common Reporting Standard (CRS) with Australia, Canada, Italy, Korea and Latvia have entered into force on 27 February 2017.

Under the CAA, the Inland Revenue Authority of Singapore (IRAS) will automatically exchange on an annual basis with the respective countries’ Revenue Authorities, financial account information held in Singapore by the respective countries’ tax residents. Likewise, the respective countries’ Revenue Authorities will automatically exchange with IRAS, financial account information held by Singapore tax residents in those countries.

The first exchange will take place by September 2018. The first submission required from Singapore-based FIs (SGFIs) to IRAS is by 31 May 2018 for the calendar year 2017.

The full text of the CAAs are available on the IRAS website.

Source: Inland Revenue Authority of Singapore (IRAS)

Singapore signs agreement to exchange financial information for tax purposes under CRS with Estonia and Lithuania.

28 February 2017

Singapore has signed the Competent Authority Agreement (CAA) on the automatic exchange of information (AEOI) under the Common Reporting Standard (CRS) with Estonia on 15 February 2017 and with Lithuania on 24 February 2017.

Under the CAA, the Inland Revenue Authority of Singapore (IRAS) will automatically exchange on an annual basis with the Revenue Authorities of the reportable jurisdictions (i.e. the jurisdictions with which Singapore has signed CAA that has entered into force), financial account information held in Singapore by the respective tax residents of the reportable jurisdictions.

Likewise, the Revenue Authorities of Estonia and Lithuania will automatically exchange with IRAS, financial account information held by Singapore tax residents in their respective countries.

The first exchange will take place by September 2018. The first submission required from Singapore-based FIs (SGFIs) to IRAS is by 31 May 2018 for the calendar year 2017.

The CAA is awaiting ratification and does not have the force of law. The full text of the CAA is available on the IRAS website.

Source: IRAS