New rules on declaring tax residency to financial firms kick in

Singapore

CUSTOMERS of banks and other financial institutions here must now declare their tax residency status to their respective financial institutions - and that information will be automatically exchanged from 2018 with at least 15 tax jurisdictions that have signed tax pacts with Singapore.

The new rules come amid the global crackdown against tax evasion through in part the transfer of assets to offshore accounts.

Singapore is among the several jurisdictions that have agreed to implement an international tax reporting framework known as the common reporting standard (CRS), said …