Home Financial Center Singapore Singapore Asks Banks to Establish Clients’ Tax Residency Status

Singapore Asks Banks to Establish Clients’ Tax Residency Status

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Singapore Asks Banks to Establish Clients’ Tax Residency Status

Singapore has asked financial institutions to indicate the tax residency status of all their clients and report of some of the financial data to authorities.

With effect from 1st Jan, Singapore has began complying with Common Reporting Standard (CRS) an internationally agreed standard which would allow countries to automatically exchange financial data for tax purposes.

News Source: Reuters

 





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