Singapore: CRS guidance concerning qualifying personal investment companies

Qualifying personal investment companies may be eligible for “simplified” CRS registration

Qualifying personal investment companies may be eligible for “simplified” CRS registration

The Inland Revenue Authority of Singapore (IRAS) issued an update explaining that “qualifying personal investment companies” may be eligible for “simplified” common reporting standard (CRS) registration and filing requirements using the simplified automatic exchange of information (AEOI) registration and reporting form.

A qualifying personal investment company eligible for the simplified registration and filing requirement must satisfy certain requirements, such as:

  • Incorporated overseas and a tax resident in Singapore
  • Qualifying for S13G and S13Q exemptions under the Income Tax Act (Cap. 134)
  • 100% owned by a Singaporean financial institution
  • Does not maintain any reportable accounts as defined in the CRS regulations

A qualifying personal investment company must submit a new form for each reporting year by 31 May of the following year, along with a letter of authorization for the submission.

Read a May 2021 report [PDF 77 KB] prepared by the KPMG member firm in Singapore



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