Regulation 10
New regulation 16A
In the principal Regulations, after regulation 16, insert —“Reporting obligation of trust that is non‑reporting financial institution16A.—
If a trust is a non‑reporting financial institution that falls within sub‑paragraph B(1)(e) of the definition of “Non‑Reporting Financial Institution” of section VIII of the CRS and maintains no reportable account during a calendar year, the trustee of the trust must prepare and provide to the Comptroller, or a person authorised by the Comptroller under section 105L of the Act, a return stating that fact.
The trustee must send the return to the Comptroller or person so authorised on or before 31 May of the year following the calendar year to which the return relates, or by such later date as the Comptroller may permit.
The return must be provided in the format described on the Internet website of the Inland Revenue Authority of Singapore at https://www.iras.gov.sg.
A requirement under this regulation is a requirement under section 105M(1)(b) of the Act, the failure or neglect to comply with which (if such failure or neglect is without reasonable excuse) is an offence under section 105M(1) of the Act.”.