The Common Reporting Standard (CRS) is an international framework developed by the Organisation for Economic Co-operation and Development (OECD) in 2014.
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Its main purpose is to combat tax evasion by requiring financial institutions (like banks, brokers, investment funds, and insurance companies) to collect and report information about accounts held by non-residents. This information is then automatically exchanged between participating countries’ tax authorities on an annual basis.
Key Points about CRS:
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Who reports: Financial institutions such as banks, custodians, insurance companies, and investment entities.
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What is reported:
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Name, address, tax identification number (TIN), and date/place of birth of the account holder.
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Account balance/value.
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Income from interest, dividends, sales of financial assets, and other relevant financial information.
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Who is covered: Both individuals and entities (like companies, partnerships, and trusts).
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Global reach: Over 100 jurisdictions (including Singapore) have committed to CRS, making it a truly worldwide standard.
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Difference from FATCA: CRS is similar to the U.S. FATCA (Foreign Account Tax Compliance Act), but CRS is multilateral (many countries sharing info with each other), while FATCA is U.S.-centric.
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