All on board the global reporting standard

The Common Reporting Standard will tackle tax evasion across borders.

The CRS is currently a hot topic in the financial services industry in Singapore. Countries have adopted the standard at different intervals, and Singapore (along with many other Asian countries) have been part of the second "wave" of implementation.

PHOTO: BLOOMBERG

SINGAPORE financial institutions are poised to carry out their first round of reporting to the Inland Revenue Authority of Singapore under the Common Reporting Standard (CRS). Even at this late stage, there remains some uncertainty in the industry about how certain entities should be classified