Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form
IR8A Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
Nominee Shareholder
National Registration Identity Card (NIRC)
Notice of Assessment (NOA)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
SingPass
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Common Reporting Standard (CRS)

The Common Reporting Standard (CRS) is an internationally agreed-upon standard for the automatic transmission of financial account information for tax purposes between countries to better combat tax evasion and assure tax compliance. Since September 2018, Singapore has committed to implementing the CRS and has been exchanging bank account information with partner jurisdictions.

You must register for CRS with IRAS if you are a Reporting Singapore Financial Institution (SGFI). In addition, you must do due diligence on all Financial Accounts you manage and provide the necessary account information to IRAS in an annual return in a timely and correct manner.

If you have an account with a Reporting SGFI, you may be impacted by CRS in various ways. See the Financial Institutions’ Basic Information for Account Holders for further information.

Overview of the CRS

The Common Reporting Standard (CRS) is a globally agreed-upon standard for automatically exchanging financial account information for tax purposes between jurisdictions. The CRS is designed to detect and deter tax evasion by tax residents of jurisdictions that utilise offshore banks and other financial accounts to avoid paying their taxes.

The CRS improves the FATCA reporting framework to increase efficiency and lower costs for implementing jurisdictions and their financial institutions. More than 100 jurisdictions have accepted the CRS, including major financial centres like Dubai, Hong Kong, Luxembourg, and Switzerland, and have begun AEOI in either 2017 or 2018.

The CRS outlines:

  • the information about financial accounts to be shared between jurisdictions;
  • the financial institutions (FIs) are obligated to provide this information to their tax authorities;
  • the many sorts of accounts and taxpayers that are included; and
  • FIs are required to execute customer due diligence procedures.

The CRS Regulations under the Income Tax Act of Singapore require and authorise all Reporting SGFIs to implement the necessary processes and systems to gather financial account information from their account holders. 

Financial account information relating to tax residents of Singapore’s exchange partners will be reported to IRAS by notifying SGFIs. The data will then be shared with Singapore’s exchange partners by IRAS.