Banks face new account information rules in bid to curb tax evasion

Banks and other financial firms now have to establish the tax residency status of all their clients under new rules to fight tax evasion.

The move comes as Singapore began complying with the Common Reporting Standard (CRS) from Jan 1.

The international standard, endorsed by the Organisation for Economic Cooperation and Development (OECD), allows countries that have agreements with each other to automatically exchange financial data for tax purposes. PwC Singapore tax partner Brendan Egan said the “CRS is a global standard designed to detect and deter tax evasion through non-reporting of income from offshore accounts”.

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