Singapore: Expected amended CRS implementation timeline announced
Singapore is expected to commence exchanges under the amended CRS starting in 2028.
The Inland Revenue Authority of Singapore (IRAS) on June 26, 2025, announced that Singapore will implement the amended common reporting standard (CRS) following the first comprehensive review of the CRS framework.
The amendments broaden the scope of the CRS to include new financial assets, products, and intermediaries that may serve as alternatives to traditional financial products, while avoiding duplicative reporting with that foreseen under the cryptoasset reporting framework (CARF). Additional amendments have also been made to enhance reporting outcomes under the CRS.
Further updates have been made to the CRS Commentary to ensure increased consistency in its application. These include the incorporation of previously released “frequently asked questions” (FAQs) and interpretative guidance.
Singapore signed the Addendum to the Multilateral Competent Authority Agreement (MCAA) on the automatic exchange of financial account information (AEOI) on November 26, 2024. Singapore is expected to commence exchanges under the amended CRS starting in 2028.
Read a June 2025 report prepared by the KPMG member firm in Singapore