The Ministry of Finance ("MOF"), Monetary Authority of Singapore ("MAS") and the Inland Revenue Authority of Singapore ("IRAS") have proposed regulations to allow Singapore to implement the Standard for Automatic Exchange of Financial Account Information in Tax Matters ("AEOI"), also known as the Common Reporting Standard ("CRS") with effect from 1 January 2017. This is necessary in order for Singapore to meet her international commitment to commence AEOI under the CRS in 2018.
The CRS is an internationally agreed standard for Automatic Exchange Of Information (AEOI), endorsed by OECD (Organization for Economic Cooperation and Development) and Global Forum (GF) for transparency and Exchange of Information for Tax Purposes.
AEOI refers to the regular exchange of information between jurisdictions for tax purposes, with the objective of detecting and deterring tax evasion by taxpayers through the use of offshore financial accounts. It typically pertains to information relating to accounts maintained by taxpayers in financial institutions located in a jurisdiction outside of their own.
The CRS sets out the financial account information to be exchanged, the financial institutions (FIs) required to report, the different types of accounts and taxpayers covered, as well as the customer due diligence procedures to be followed by FIs.
Singapore will adopt the wider approach i.e. All FIs are to collect and retain CRS information and the information required to be collected include:
CRS Self Certification Form for Individual
PDF (601.9 KB)
CRS - Self Certification Form Entity
PDF (696.5 KB)
CRS - Self Certification Form Controlling Person
PDF (629.4 KB)
CRS Self Certification Form for Individual - Navigator
PDF (288.5 KB)
CRS Self Certification Form for entity - Navigator
PDF (335.0 KB)
CRS Self Certification Form for Controlling Person - Navigator
PDF (308.4 KB)
What is Common Reporting Standard ("CRS")?
The CRS for Automatic Exchange of Information ("AEOI"), endorsed by OECD (Organization for Economic Cooperation and Development) refers to the automatic exchange of financial account information between jurisdictions for tax purposes, with the objective of detecting and deterring tax evasion by taxpayers through the use of offshore financial accounts. It typically pertains to information relating to accounts maintained by taxpayers in Financial Institutions (FIs) located in a jurisdiction outside of their own.
Under CRS, financial account information includes insurance policy information. Financial Institutions including Singapore Life Ltd. ("Singlife"), are required to perform customer due diligence procedures and report the insurance policy information to the Inland Revenue Authority of Singapore (“IRAS”).
Who is considered as a Reportable Person?
The following persons who are tax residents of jurisdictions other than Singapore are considered as Reportable Person:
* A corporate entity for CRS purposes include:
Note: A Government entity and a Central bank are non–reportable entities.
How does the CRS implementation impact me?
With effect from 1 Jan 2017, the Application forms1 will contain relevant CRS questions to be answered. Please ensure that:
We have made changes to Policy Servicing and Claim forms1 incorporating CRS declaration with effect from 1 Aug 2017.
1CRS Related Documents (collectively called "Singlife Forms"):
New Business Application forms:
Policy Servicing and Claims forms:
2CRS Self Certification forms:
Why am I receiving this letter?
Singlife is carrying out a one-time mailing exercise to all existing clients/policyholders, who fall within the scope of the CRS, to request them to complete and submit the CRS Self Certification forms. As you’ve one or more foreign indicia, you’re therefore required to complete the CRS Self Certification Form to confirm your tax residency status and return to us within one month.
If you’ve a corporate entity, you’re required to complete the "CRS Self Certification Form for Entity" where you need to self-certify on behalf of an Entity (which includes businesses, professionally managed trusts and partnerships). Similarly, if you’re a Controlling Person of an Entity, please complete the "CRS Self Certification for Controlling Person". You can find these forms at singlife.com/common-reporting-standard/#resources.
Do note that if you don’t respond to our request to confirm your tax residency status, we’ll have to treat you as tax residents in the respective foreign jurisdictions, based on the information available in our records.
Who needs to complete the CRS Self Certification form?
Every Account Holder should complete the CRS Self Certification Form. For joint Account Holders, each individual will need to complete the form.
For the purpose of this Self Certification, an Account Holder may refer to the following person: Proposer (eventually the Policyowner), Sole Trader, Sole Proprietor, Controlling Person, Beneficial Owner, Assignee, Trustee, Settlor, Beneficiary under a Trust or a Trust Nominee named under section 49L of the Singapore Insurance Act (Chapter 142) or Proper Claimant as defined under section 61 of the Singapore Insurance Act (Chapter 142).
If you’ve provided information in relation to the United States Government Foreign Account Tax Compliance Act ("FATCA"), you’re still required to provide additional information for the CRS as this is a separate regulation.
What would constitute a "change of circumstances"?
A "change of circumstances" includes any change that results in the addition of information relevant to a person's status, which includes any change or addition of information to the Account Holder's account/any account associated with such account, if such change or addition of information affects the status of the Account Holder.
Do I need to notify Singlife in the event of change in my country of tax residency?
You should inform us of any change in circumstances, such as long-term job postings to a foreign jurisdiction, which may affect your tax residency status. It’s important to ensure that all submissions to us are accurate.
How can I notify Singlife if there is a change in my country of tax residency?
You'll have to complete and submit the Change of Personal Details form together with the CRS Self Certification form.
Will my servicing request be put on hold if these documents are outstanding?
No, the processing of the relevant transactions will not be delayed if the CRS Self Certification forms are not received. However, if we don't receive the CRS Self Certification form after 90 days from the date of this letter, we'll have to treat you as tax resident in the respective foreign jurisdiction based on the information available in our records for reporting to IRAS.
Which countries are participating in the CRS?
Where can I find further information and advice on Tax residency and Tax Identification Number (TIN)?
For further information on your tax residency and TIN, please refer to the rules governing tax residence that have been published by the tax authority. You can also visit the OECD Automatic Exchange of Information portal.
Guidance on tax residency and Tax Identification Number (TIN) is available at the following link: