16.—(1) A reporting Singaporean financial institution must, in respect of calendar year 2017 and every following calendar year, prepare and provide to the Comptroller, or a person authorised by the Comptroller under section 105L of the Act, a return setting out the following information:
(a)
in respect of calendar year 2017, all the information in relation to every reportable account that the institution maintained at any time during the calendar year, that the institution is required to report under section I of the CRS, except sub‑paragraph A(5)(b) of that section;
(b)
in respect of every calendar year after 2017, all the information in relation to every reportable account that the institution maintained at any time during the calendar year, that the institution is required to report under section I of the CRS.
(2) In complying with paragraph (1) for a particular calendar year, a reporting Singaporean financial institution need not report any information about a beneficiary of a discretionary trust that is a controlling person of the trust for that calendar year if —
(a)
the trust is a passive NFE; and
(b)
the institution knows that the beneficiary did not receive any distribution from the trust in that calendar year.
(3) If, during the calendar year in question, the reporting Singaporean financial institution maintains no reportable account, the return must state that fact.
(4) A reporting Singaporean financial institution is not required to comply with paragraph (3) if —
(a)
the institution is an investment entity; and
(b)
the institution only carries out one or both of the following activities as an investment entity:
(i)
rendering investment advice to a customer, and acting on behalf of that customer for the purpose of investing, managing or administering financial assets deposited in the name of that customer with another financial institution;
(ii)
managing portfolios for a customer, and acting on behalf of that customer for the purpose of investing, managing or administering financial assets deposited in the name of that customer with another financial institution.
(5) The reporting Singaporean financial institution must provide a return under this regulation to the Comptroller or a person authorised by the Comptroller under section 105L of the Act, on or before 31 May of the year following the calendar year to which the return relates, or by such later date as the Comptroller may permit.
(6) The return must be provided in the format described on the Internet website of the Inland Revenue Authority of Singapore at https://www.iras.gov.sg/IRASHome/CRS/.
(7) For the purpose of paragraph (1), the definitions in section VIII of the CRS apply as modified by regulation 15.
(7A) A requirement under any of the following:
(a)
paragraph (1) (read with paragraphs (5) and (6));
(b)
paragraph (3) (read with paragraphs (5) and (6)),
is a requirement under section 105M(1)(b) of the Act, the failure or neglect to comply with which (if such failure or neglect is without reasonable excuse) is an offence under section 105M(1) of the Act.
[S 871/2021 wef 16/11/2021]
(8) In this regulation —
(a)
despite regulation 3, “reportable account” has the same meaning as “Reportable Account” in sub‑paragraph D(1) of section VIII of the CRS and includes an undocumented account;
(b)
“documentary evidence” has the same meaning as “Documentary Evidence” in sub‑paragraph E(6) of section VIII of the CRS, as modified by regulation 15(12);
(c)
“pre‑existing account” has the same meaning as in regulation 15(13);
(d)
“undocumented account” means a pre‑existing account where —
(i)
the account holder is an individual;
(ii)
the reporting Singaporean financial institution that maintains the account does not have any indicia mentioned in sub‑paragraph B(2) of section III of the CRS, except a hold mail or in‑care‑of address; and
(iii)
the reporting Singaporean financial institution is unable to obtain any documentary evidence, or valid self‑certification from the account holder to establish the account holder’s residence for a tax purpose; and
(e)
“valid self‑certification” has the same meaning as in regulation 14(11).