On 3 December 2024, Inland Revenue Authority of Singapore (IRAS) updated the section on “Common CRS Errors and Issues” to address observations relating to the reporting of TIN equivalents and account balances for settlors and protectors in the context of trusts. One key observation highlighted by IRAS is the reporting of account balances for settlors and protectors in trust arrangements. IRAS noted that some Reporting SGFIs have attributed a ‘nil’ value for reporting of account balances for settlors of irrevocable trusts, on the basis that the settlor does not receive benefits from the trust property. However, IRAS clarified that the total value of all trust property should be reported, regardless of whether the settlor receive the benefits from the trust. This reporting treatment applies to both settlors and protectors.
For more details, please refer to the link below:
https://www.iras.gov.sg/taxes/international-tax/common-reporting-standard-(crs)/crs-compliance?utm_source=CRS+Updates&utm_medium=newsletter&utm_campaign=Updated+CRS+Errors+and+Issues