PART 1 | Citation and commencement |
| 1. These Regulations are the Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 and come into operation on 1 January 2017. |
| Implementation of Agreement |
2.—(1) These Regulations implement the Standard for Automatic Exchange of Financial Account Information in Tax Matters (for the wider approach) developed and published by the Organisation for Economic Co‑operation and Development, commonly known as the Common Reporting Standard (called in these Regulations the CRS), for the purpose of giving effect to —| (a) | any competent authority agreement that is declared as an international tax compliance agreement under section 105K(1) of the Act; or | | (b) | any future competent authority agreement that may be declared as an international tax compliance agreement under that section. |
| (2) The CRS is set out in the Schedule. |
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3.—(1) In these Regulations, unless the context otherwise requires —| “active NFE” has the same meaning as “Active NFE” in sub‑paragraph D(9) of section VIII of the CRS; |
| “AML/KYC procedures” has the same meaning as “AML/KYC Procedures” in sub‑paragraph E(2) of section VIII of the CRS; |
| “annuity contract” has the same meaning as “Annuity Contract” in sub‑paragraph C(6) of section VIII of the CRS; |
| “cash value insurance contract” has the same meaning as “Cash Value Insurance Contract” in sub‑paragraph C(7) of section VIII of the CRS; |
| “controlling persons” has the same meaning as “Controlling Persons” in sub‑paragraph D(6) of section VIII of the CRS; |
| “depository account” has the same meaning as “Depository Account” in sub‑paragraph C(2) of section VIII of the CRS; |
| “entity” has the same meaning as “Entity” in sub‑paragraph E(3) of section VIII of the CRS; |
| “financial asset” has the same meaning as “Financial Asset” in sub‑paragraph A(7) of section VIII of the CRS; |
| “new entity account” has the same meaning as “New Entity Account” in sub‑paragraph C(16) of section VIII of the CRS; |
| “NFE” has the same meaning as in sub‑paragraph D(7) of section VIII of the CRS; |
| “passive NFE” has the same meaning as “Passive NFE” in sub‑paragraph D(8) of section VIII of the CRS; |
| “pre‑existing entity account” has the same meaning as “Preexisting Entity Account” in sub‑paragraph C(13) of section VIII of the CRS; |
| “pre‑existing individual account” has the same meaning as “Preexisting Individual Account” in sub‑paragraph C(11) of section VIII of the CRS; |
| “reportable account” has the same meaning as “Reportable Account” in sub‑paragraph D(1) of section VIII of the CRS; |
| “reportable person” has the same meaning as “Reportable Person” in sub‑paragraph D(2) of section VIII of the CRS. [S 425/2020 wef 01/06/2020] |
| (2) In interpreting these Regulations, recourse is to be had to the CRS read with the Commentaries on the Common Reporting Standard as at 27 March 2017, which are developed and published by the Organisation for Economic Co-operation and Development, and available on the Internet website of the Inland Revenue Authority of Singapore at https://www.iras.gov.sg. [S 425/2020 wef 01/06/2020] |
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| Meaning of “financial institution” |
4. In these Regulations, “financial institution” means —| (a) | a custodial institution; | | (b) | a depository institution; | | (c) | an investment entity; or | | (d) | a specified insurance company. |
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| Meaning of “custodial institution” |
5.—(1) In these Regulations, “custodial institution” has the same meaning as “Custodial Institution” in sub‑paragraph A(4) of section VIII of the CRS, and includes —| (a) | the holder of a capital markets services licence under the Securities and Futures Act 2001 for carrying out the regulated activity of providing custodial services for securities; [S 741/2024 wef 31/12/2021] | | (b) | a person (other than an individual) that is exempt under section 99(1)(a) to (d) and (g) and (h) of that Act, read with paragraph 6 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10), from the requirement to hold a capital markets services licence to carry out the regulated activity of providing custodial services for securities; and [S 741/2024 wef 31/12/2021] | | (c) | a licensed trust company under the Trust Companies Act 2005. [S 741/2024 wef 31/12/2021] |
| (2) An entity is not a custodial institution for the purposes of paragraph (1) if it is an active NFE that meets the criteria in sub‑paragraph D(9)(d) of section VIII of the CRS. |
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| Meaning of “depository institution” |
6. In these Regulations, “depository institution” has the same meaning as “Depository Institution” in sub‑paragraph A(5) of section VIII of the CRS, and includes —| (a) | a bank that holds a licence under section 7 or 79 of the Banking Act 1970; [S 477/2021 wef 01/07/2021] [S 741/2024 wef 31/12/2021] | | (b) | a finance company licensed under the Finance Companies Act 1967; and [S 741/2024 wef 31/12/2021] | | (c) | a merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970. [S 477/2021 wef 01/07/2021] [S 741/2024 wef 31/12/2021] |
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| Meaning of “investment entity” |
7.—(1) In these Regulations, “investment entity” has the same meaning as “Investment Entity” in sub‑paragraph A(6) of section VIII of the CRS, and includes —| (a) | the holder of a capital markets services licence under the Securities and Futures Act 2001 to carry out one or more of the following regulated activities:| (i) | dealing in capital markets products; [S 741/2024 wef 27/09/2024] | | (ii) | [Deleted by S 741/2024 wef 27/09/2024] | | (iii) | [Deleted by S 741/2024 wef 27/09/2024] | | (iv) | fund management; | | (v) | real estate investment trust management; [S 741/2024 wef 31/12/2021] |
| | (b) | [Deleted by S 741/2024 wef 01/08/2024] | | (c) | a person (other than an individual) that is exempt under section 99(1)(a) to (d) and (h) of the Securities and Futures Act 2001 read with paragraph 2, 3, 4 or 5 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations, from the requirement to hold a capital markets services licence to carry out one or more of the regulated activities mentioned in sub‑paragraph (a); and [S 741/2024 wef 31/12/2021] | | (d) | a licensed trust company under the Trust Companies Act 2005. [S 741/2024 wef 31/12/2021] |
| (2) In paragraph (1), the expressions “dealing in capital markets products”, “fund management” and “real estate investment trust management” have the same meanings as in Part 2 of the Second Schedule to the Securities and Futures Act 2001. [S 741/2024 wef 31/12/2021] [S 741/2024 wef 27/09/2024] |
(3) A person is not an investment entity for the purposes of paragraph (1) if —| (a) | the person is exempt under section 99(1)(h) of the Securities and Futures Act 2001 read with paragraph 2(a) or (e) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations, from the requirement to hold a capital markets services licence, and carries on business in dealing in capital markets products for the person’s own account; [S 741/2024 wef 31/12/2021] [S 741/2024 wef 27/09/2024] | | (b) | the person is an active NFE that meets the criteria in sub‑paragraph D(9)(d) to (g) of section VIII of the CRS; or | | (c) | the person’s only business assets are immovable properties in which the person has a non‑debt, direct interest, namely, a direct interest that does not arise from any debt owed to the person. [S 158/2017 wef 04/04/2017] |
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| Meaning of “specified insurance company” |
| 8. In these Regulations, “specified insurance company” has the same meaning as “Specified Insurance Company” in sub‑paragraph A(8) of section VIII of the CRS, and includes a licensed insurer under the Insurance Act 1966 that issues, or is obligated to make payments with respect to, one or more cash value insurance contracts or annuity contracts. [S 158/2017 wef 04/04/2017] [S 741/2024 wef 31/12/2021] |
| Meaning of “reporting Singaporean financial institution” |
9. In these Regulations, “reporting Singaporean financial institution” means —| (a) | any financial institution (but not in relation to any branch of the financial institution located outside Singapore) that is resident in Singapore; or | | (b) | any financial institution (in relation to its branch located in Singapore) not resident in Singapore, |
| but excludes any non‑reporting financial institution. |
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| Meaning of “non-reporting financial institution” |
10.—(1) In these Regulations, a “non‑reporting financial institution” has the same meaning as “Non‑Reporting Financial Institution” in sub‑paragraph B(1) of section VIII of the CRS, as modified by this regulation.(2) In paragraph B of section VIII of the CRS —| “Central Bank” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act 1970; [S 741/2024 wef 31/12/2021] |
“Exempt Collective Investment Vehicle” means an investment entity that satisfies all the following conditions:| (a) | the investment entity is constituted in Singapore as a collective investment scheme —| (i) | that is authorised under section 286(1) of the Securities and Futures Act 2001; or [S 741/2024 wef 31/12/2021] | | (ii) | the units of which are or are to be the subject of an offer or intended offer to which Subdivisions (2) and (3) of Division 2 of Part 13 of that Act do not apply, or apply with modifications by reason of section 304 or 305 of that Act; [S 741/2024 wef 31/12/2021] |
| | (b) | all the interests in the investment entity are held by or through —| (i) | one or more individuals or entities who are not reportable persons; | | (ii) | one or more entities that are passive NFEs and do not have any controlling person who is a reportable person; or | | (iii) | a combination of individuals and entities mentioned in sub‑paragraphs (i) and (ii); |
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“Governmental Entity” includes —| (a) | the Government; | | (b) | every Organ of State; | | (c) | every entity that is wholly owned (whether directly or indirectly) and wholly controlled by the Minister for Finance (in his corporate capacity), including GIC Private Limited, GIC (Realty) Pte. Ltd., GIC (Ventures) Pte. Ltd., and their wholly owned subsidiaries; | | (d) | every statutory body; and | | (e) | every entity that is wholly owned (whether directly or indirectly) and wholly controlled by a statutory body. |
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(3) An investment entity that is a collective investment scheme that has issued any physical shares in bearer form (called in this paragraph bearer shares) qualifies as an Exempt Collective Investment Vehicle under paragraph (2), if, and only if —| (a) | the bearer shares were issued before 1 January 2017; and | | (b) | the investment entity has in place policies and procedures to —| (i) | cancel any bearer shares upon surrender of such shares to the investment entity; | | (ii) | perform the due diligence procedures set out in sections II to VII of the CRS with respect to any bearer shares when such shares are presented for redemption or other payment; | | (iii) | report to the Comptroller any information required to be reported by a reporting Singaporean financial institution under regulation 16(1) with respect to any bearer shares when such shares are presented for redemption or other payment; and | | (iv) | ensure that all bearer shares issued by it are redeemed or cancelled as soon as possible, and in any event prior to 1 January 2018. |
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| (4) For the purposes of these Regulations, Temasek Holdings (Private) Limited and each special purpose vehicle wholly owned (whether directly or indirectly) by it are non‑reporting financial institutions. |
(5) In this regulation —| (a) | the expressions “collective investment scheme” and “unit” have the same meanings as in section 2(1) of the Securities and Futures Act 2001; and [S 741/2024 wef 31/12/2021] | | (b) | “statutory body” means any authority established by or under any public Act and whose income is exempt from tax by reason of section 13(1)(e) of the Act, and includes a Town Council established under the Town Councils Act 1988. [S 741/2024 wef 31/12/2021] |
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| Meaning of “financial account” |
11.—(1) In these Regulations, “financial account” has the same meaning as “Financial Account” in sub‑paragraph C(1) of section VIII of the CRS, as modified by paragraphs (2) and (3).(2) In sub‑paragraph C(1) of section VIII of the CRS, “Excluded Account” includes the following: | (a) | any account maintained by a financial institution in which is deposited money withdrawn from an ordinary or special account of the Fund under any scheme in accordance with the CPF Investment Regulations, the proceeds or benefits of which are required to be transferred into the Fund or a CPF Investment Account; | | (b) | an investment made under any scheme in accordance with the CPF Investment Regulations, the proceeds or benefits of which are required to be transferred into the Fund or a CPF Investment Account; | | (c) | any insurance policy or investment-linked insurance policy which is an investment made under any scheme in accordance with the CPF Investment Regulations, the proceeds or benefits of which are required to be transferred into the Fund or a CPF Investment Account; | | (d) | any approved annuity purchased under section 15(6C)(b) of the CPF Act, where any part of the moneys used to purchase the approved annuity is required by regulations made under section 77(1)(o)(vi) of that Act to be transferred into a retirement account of the Fund; | | (e) | any pension, annuity or other benefit approved by the Board for the purposes of section 15AA(3)(b) of the CPF Act, in respect of which certain sums are required by regulations made under section 77(1)(o)(vii) of that Act to be transferred into a retirement account of the Fund; [S 741/2024 wef 01/03/2022] | | (f) | any account maintained by a bank approved by the Board for the purposes of section 15 of the CPF Act, in which is deposited moneys under section 15AA(3)(b) of that Act and any interest on those moneys; [S 741/2024 wef 01/03/2022] | | (g) | a Child Development Account as defined in regulation 2 of the Child Development Co‑Savings Regulations (Rg 2); [S 741/2024 wef 31/12/2021] | | (h) | an Edusave account as defined in section 2(1) of the Education Endowment and Savings Schemes Act 1992; [S 741/2024 wef 31/12/2021] | | (i) | a PSE account as defined in section 2(1) of the Education Endowment and Savings Schemes Act 1992; [S 741/2024 wef 31/12/2021] | | (j) | an account (other than an annuity contract) the balance or value of which does not exceed USD 1,000 and satisfies all of the following conditions:| (i) | the account holder has not, in the previous 3 years, initiated a transaction with the financial institution that maintains the account with regard to the account or any other account held by the account holder with the financial institution; | | (ii) | the account holder has not, in the previous 6 years, communicated with the financial institution that maintains the account with regard to the account or any other account held by the account holder with the financial institution; | | (iii) | where the account is a cash value insurance contract, the financial institution that maintains the account has not, in the previous 6 years, communicated with the account holder regarding the account or any other account held by the account holder with the financial institution; [S 158/2017 wef 04/04/2017] |
| | (k) | an account maintained for the Financial Sector Development Fund established under section 127 of the Monetary Authority of Singapore Act 1970; [S 741/2024 wef 04/06/2018] [S 916/2021 wef 01/12/2021] [S 741/2024 wef 31/12/2021] [S 741/2024 wef 27/09/2024] | | (l) | an account maintained by a bank that holds a licence under section 7 or 79 of the Banking Act 1970, in which is deposited the moneys in any maintenance fund established under section 16(2) or (3) of the Building Maintenance and Strata Management Act 2004 (called in this paragraph the BMSMA) in accordance with section 17(4) of the BMSMA; [S 916/2021 wef 01/12/2021] [S 741/2024 wef 31/12/2021] | | (m) | an account maintained by a financial institution, in which is paid the moneys in any management fund or sinking fund established under section 38(1) or (4) of the BMSMA (as the case may be) in accordance with section 38(8) of that Act; [S 916/2021 wef 01/12/2021] | | (n) | an account maintained by a financial institution, in which is paid the moneys in any management fund or sinking fund established under section 79(4)(a) of the BMSMA in accordance with section 38(8) of the BMSMA read with section 79(3) of that Act. [S 916/2021 wef 01/12/2021] |
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| (3) The date mentioned in sub‑paragraph C(17)(f)(ii) of section VIII of the CRS is 1 January 2017. |
(4) In paragraph (2) —| “Board” means the Central Provident Fund Board constituted under section 3 of the CPF Act; |
| “CPF Act” means the Central Provident Fund Act 1953; [S 741/2024 wef 31/12/2021] |
| “CPF Investment Account” has the same meaning as in regulation 2 of the CPF Investment Regulations; |
| “CPF Investment Regulations” means the Central Provident Fund (Investment Schemes) Regulations (Rg 9); |
| “Fund” means the Central Provident Fund established under section 6 of the CPF Act; |
| “ordinary account”, “retirement account” and “special account” have the same meanings as in section 2(1) of the CPF Act. [S 741/2024 wef 31/12/2021] |
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| Meaning of “residence for a tax purpose” |
12. In these Regulations, a person’s residence for a tax purpose is —| (a) | if the person is an individual, the jurisdiction in which the person is resident under the tax laws of the jurisdiction; and | | (b) | if the person is an entity —| (i) | the jurisdiction in which the person is resident under the tax laws of the jurisdiction; or | | (ii) | where the person is not resident in any jurisdiction under the tax laws of any jurisdiction, the jurisdiction in which the person has its effective management. |
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