Singapore: Updated FAQs, compliance e-tax guide, and e-tax guide under CRS
Updated CRS guidance
The Inland Revenue Authority of Singapore (IRAS) on October 31, 2025, released an updated version of its common reporting standard (CRS) frequently asked questions (FAQs), revising question B.2 in the section addressing the classification of financial institutions.
The update clarifies that a trustee will be treated as a Singapore resident for CRS purposes, even if it is not tax resident, if it meets any of the following criteria:
- It is incorporated under Singapore law
- It has its place of effective management in Singapore
- It is subject to financial supervision in Singapore
On the same day, IRAS also released the second edition of its CRS Compliance e-tax guide. Alongside minor updates, Annex A – Self-Review Toolkit was revised. Notably, paragraph 13 of Section 1 (CRS Controls at Entry Level) now lists “changes in IT systems” as a factor that could affect a reporting Singaporean financial institution’s ability to maintain CRS compliance. Additionally, a new paragraph 1.6 has been added to the “Aim” section, directing reporting Singaporean financial institutions to the IRAS website for additional CRS compliance details, including common errors and associated penalties.
IRAS also released the fourth edition of its CRS e-tax guide, introducing the following key changes:
- Section 5.2 (Singaporean financial institutions) has been revised to clarify the rules for determining whether a financial institution is considered a resident in Singapore for CRS purposes. Specifically, the wording in subsections 5.2.1 to 5.2.4 have been amended to align with the OECD’s CRS Commentary.
- Section 5.5.2 was updated to reflect the definition of investment entities in accordance with the CRS regulations.
- Section 12.3.2 now clarifies that references to tax identification numbers (TINs) also include their functional equivalents when TINs are not available.
Read a November 2025 report prepared by the KPMG member firm in Singapore