There is a slight discrepancy between the OECD User Guides indicating that version 1.0 of the CRS XML Schema will no longer be used after 1 January 2021, while the OECD website indicates that version 1.0 will be used until 31 January 2021. In 2019, the OECD sought comments from jurisdictions and financial institutions on issues related to crS XML Schema version 1.0. The OECD introduced version 2.0 of the CRS XML Schema in June 2019, which reflects updates in response to comments. The main technical changes to CRS XML Schema version 2.0 are as follows: Part of the technical solution to support the implementation of CRS is an Extensible Mark-up Language (XML) schema that allows information to be declared under the CRS in a computerized and standardized way. A schema is a data structure for storing and transmitting information electronically and in large quantities. XML is often used for this purpose. Examples include the OECD standard transmission format “STF” or the Tax 153 format used for the exchange of information for the EU Savings Directive. There are a number of options on how the transition could be achieved to address the UK`s desire to ensure that there are no “gaps” in the data that would have been reported under the UK`s 2016 intergovernmental agreement, but might not be until 2018. Following consultations with Guernsey financial institutions, it was agreed with the United Kingdom that the CRS reporting requirements for 2016 should be complemented by the provision of information on existing individual low-value accounts and existing business accounts relating to UK residents. This means that the UK can only receive information about the 2016 calendar year in 2017 under the CRS, thus avoiding the need for Guernsey financial institutions to provide separate (and potentially duplicated) returns under the UK Intergovernmental Agreement and the CRS. I would like to make it clear that the intention is that the due diligence already carried out for the purposes of the UK Intergovernmental Agreement, which has already been carried out on the UK`s reportable accounts, does not need to be repeated for the CRS. Version 2.0 of the DE Common Declaration (CRS) standard of the XML Schema introduced by the Organisation for Economic Co-operation and Development (OECD) contains technical changes compared to the previous version, CRS XML Schema version 1.0.
In addition, the OECD has published version 3.0 of its CRS XML Schema User Guide, which provides specific details on changes to the new schema. Read version 3.0 of the CRS XML Schema User Guide [PDF 4.8 MB] Digimap has developed a new tool to help technical staff quickly understand the technical requirements of CRS XML reports. This is now available at: crsbuilder.digimap.gg/ Many jurisdictions issued guidelines providing for a transition period to the new scheme in January 2021, when gate closures occurred when courts made updates for the new scheme version 2.0. However, financial institutions should start using the new reporting system on all exchanges in 2020 (including new data, corrections and deletions). Standard for the automatic exchange of financial information in tax matters The full list of partners from which Singapore receives CRS information is available on the OECD website. Bulletin 2017/10 – Additional validations and corrections for the 2016 reference period [287kb] The OECD has published the Standard for the Automatic Exchange of Financial Account Information in Tax Matters (CRS) and an Implementation Manual. The CRS states: CRS relies on the FATCA reporting system to maximize efficiency and reduce the cost of implementation for jurisdictions and their financial institutions. More than 100 jurisdictions, including major financial centres such as Dubai, Hong Kong, Luxembourg and Switzerland, approved the CRS and launched the AEOI in 2017 or 2018. Bulletin 2019/5: CRS Reportable Jurisdictions 2019 and 2020 [669kb] We will consult with our legal advisors on the steps required to complete this transition.
Further guidelines will be published if necessary. Bulletin 2017/1 Declarable Jurisdiction (2016 & 2017) and Lists of Jurisdictions Engaged (as amended on 28/02/17) [366kb] 1This refers to the first calendar year in which the information relates to a reportable account held by a reporting IFMS that must be reported to IRAS for exchange with AEOI partners in Singapore. You can refer to previous updates in the CRS update history. As of December 1, 2021, accounts in which funds from maintenance funds (created by developers), management funds or degressive funds (created by management companies or subsidiaries) regulated under the Building Maintenance and Condominium Management Act (BMSMA) will be treated as excluded accounts for CRS purposes. For more information, see CRS Submission. If you are a person who has an account with a reporting IFMS, you may be affected by CRS in several ways. For more information, see Basic information for financial institution account holders. Bulletin 2017/5 – Pension Notification Status (new version) [299kb] General information on the Convention on Mutual Administrative Assistance in Tax Matters (“MAC”) is available here.
Read a March 2021 report [PDF 78 KB], prepared by KPMG LLP A CAA, which can be a bilateral or multilateral agreement, establishes exchanges between jurisdictions and allows for the implementation of information exchange on the basis of existing legal instruments. It specifies the nature of the information to be exchanged between two jurisdictions, the time and mode of exchange, as well as the confidentiality and data guarantees to be respected when exchanging information. As the OECD Guidance contains comprehensive commentaries and examples of ncDs and due diligence standards, the guidance provided by the Director should only be considered as a complement to the OECD Commentary and cover the aspects necessary to support the practical aspects of CRS specific to implementation by financial institutions in Guernsey. Guernsey has committed to adopting the global Common Reporting Standard on Automatic Exchange of Information (“CRS”) as of 1 January 2016, with an initial declaration in 2017. Guernsey is one of some 60 countries working on this implementation timetable, including all EU Member States (with the exception of Austria, which will have an additional year before the implementation of the CRS). Standard user guide for common reporting and XML schema. The CRS User Guide explains the information that must be included in each CRS data element to report in CRS XML Schema version 1.0. It also provides instructions for making corrections to data elements in a file that can be processed automatically.
Next: What types of financial institutions report income under FATCA and CRS? These guides contain references and citations from the following OECD publications: Bulletin 2019/3 – Undocumented Accounts and TIN Clarification [501kb] If you are a Singapore Reporting Financial Institution (IFMS), you must register with IRAS for CRS. You are required to perform due diligence on all financial accounts you hold and to report relevant account information to IRAS in a timely and accurate manner in an annual report. The copyright holder of this material remains the OECD. An IGOR User Manual for CbCR, CRS and FATCA has been created to provide IGOR users with additional reporting assistance: IGOR – Guernsey User Manual [1Mb] Bulletin 2020/1 – Deadlines and Compliance Controls [518kb] Bulletin 2015/8 – CRS Regulation PEA Date Correction [144kb] Guernsey CRS Guidance Notes V.1.1 (24 December 2016) [703kb]. Effective November 16, 2021, penalties for non-regulatory violations and non-submission of crimes by crS were increased to $5,000 on conviction and an additional fine of $100 per day for an ongoing offence. As part of its ongoing efforts to maintain the integrity of the Common Reporting Standard, the OECD allows interested parties to report systems that can circumvent reporting under the Standard. All systems reported with this form are analysed by the OECD and the risk assessed. Submissions can be made anonymously. For more information, see the CRS Regulations (subsection 11(2)(l), 11(2)(m) and 11(2)(n).
The CRS MCAA is a multilateral framework agreement based on the Convention on Mutual Administrative Assistance in Tax Matters (“the Convention”). It provides a standardised and efficient mechanism to facilitate the automatic exchange of information on the basis of the CRS. Under the NCAA CRS, a bilateral exchange relationship will only be established if anyone with other technical issues related to reporting should review the IGOR Forum and, if necessary, ask questions. These can be found at the following link: igorforum.digimap.gg/ Bermuda Exchange of Letters [8Mb] 4 February and 5 March 2019 Singapore (signed on 7 April 2017) [365kb] (replaced by the signature of the MCAA by Singapore on 22 June 2017) Reporting IFSs should refer to the consolidated list of countries and territories to be reported (PDF, 295 KB) and the list of participating jurisdictions (PDF, 495 KB), which have a CAA with Singapore to obtain information on the legal system accounts that would be required to report for the CRS reporting year in question. Bulletin 2016/2 – Participating and Reportable Jurisdictions [235kb] National legislation implementing the CRS is filed at: CRS filing for reporting year 2020CRS filing for reporting year 2020 begins on April 19, 2021. All reporting SIFI must submit their CRS report(s) to IRAS by 31 May 2021 and include the required information for each reportable account held during the 2020 calendar year.