Common Reporting Standard
Common Reporting Standard (CRS)
To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard ("the CRS").
Under the CRS, Singapore based financial institutions (“SGFIs”), including Tokio Marine Life Insurance Singapore Ltd (“TMLS”), are required to establish the tax residence(s) of all their customers with effect from 1 January 2017. TMLS will base this on information we already have or we may ask you for additional details.
If you are not a tax resident of Singapore, we may be required to provide details, including information relating to your insurance policy(ies), to the Inland Revenue Authority of Singapore, where it may be passed on to the national tax authority of the country where you are tax resident. Please note that you can be tax resident in more than one country.
Who is affected?
Whether you are an individual customer or you have a business relationship with us, the CRS may affect you. The impact will depend on factors such as:
- the type of insurance policy(ies) you hold with us
- where you live or operate as a business
If you have any questions regarding your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority on the Organisation for Economic Cooperation and Development (“OECD”) website. As we are unable to provide tax advice, please contact a professional tax or legal advisor should you have any specific questions regarding your tax residency for tax purposes.
Find out more about the CRS
To find out more about the CRS and how it affects you, please proceed to Personal> Resources> FAQ> Common Reporting Standard.
The OECD has developed rules to be implemented by governments participating in the CRS. Visit the OECD Automatic Exchange of Information portal for more information.
If you are asked to complete a self-certification form(s), you can access the forms under Personal> Resources> Forms.
Taxpayer Identification Numbers
Your Taxpayer Identification Number (TIN) is a unique combination of letters and/or numbers assigned to you/your entity. Some countries do not issue a TIN, but may rely on other issued numbers such as social security/national insurance numbers or company registration numbers for entities. You may need to provide these if requested. The OECD has published a list of the acceptable Taxpayer Identification Number (TIN) formats and their alternatives.
Even if you have already provided information under the United States government's Foreign Account Tax Compliance Act (FATCA), you may still need to provide additional information for the CRS as these are different regulations with different requirements to those under FATCA.