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Reporting Singapore Financial Institutions (Reporting SGFIs) are required to register for Common Reporting Standard (CRS) purposes with the Inland Revenue Authority of Singapore (IRAS) by 31 March 2018. The registration obligation applies to any entity that is or becomes a Reporting SGFI at any time between 1 January 2017 and 31 December 2017.

After registration, Reporting SGFIs will generally be subject to other CRS compliance obligations, including due diligence and reporting obligations. In respect of reporting year 2017, Reporting SGFIs will be required to submit CRS Returns and report prescribed information to IRAS by 31 May 2018.

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