Follows SIN Tax Feb. 2023 published list for purpose of 2022 CRS reporting, #162106.
Changes
Kenya, Thailand have been added to list of participating jurisdictions; Niue removed.
Following the removal, a change in circumstances will be triggered for entity account holders that are investment entities, where their tax residency is in such jurisdictions.
As such, the reporting financial institution cannot rely on the original self-certification and must obtain a new valid self-certification with details of the controlling person(s).
Added reportable jurisdictions: Aruba, Bulgaria, Kenya, Saint Kitts and Nevis, Thailand.
Effectiveness
The updated list of participating jurisdictions will take effect from Feb. 2, 2024.
Reporting financial institutions are to submit 2023 CRS information by May 31, 2024.
Feb. 1, 2024 Order Gazetted
On Feb. 1, 2024, SIN GVT issuedIncome tax (international tax compliance agreements) (multilateral competent authority agreement on automatic exchange of financial account information) (amendment) order 2024; amends 2018 principal order.
The 2024 order is effective immediately with the exception of para 4, which comes into operation on Jan. 1, 2025, revoking the Income tax (international tax compliance agreements) (competent authority agreement) order 2019.
Added new thirty-first to thirty-fifth schedules to include the new countries.
