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New rules on declaring tax residency to financial firms kick in

Information will be automatically exchanged from 2018 with tax jurisdictions that have signed pacts with S'pore under CRS

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Singapore is among the several jurisdictions that have agreed to implement an international tax reporting framework known as the common reporting standard (CRS), said the Inland Revenue Authority of Singapore (IRAS) in a media statement on Friday.

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

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