Regulation 9
Amendment of regulation 16
In the principal Regulations, in regulation 16 —
after paragraph (6), insert —“(6A) A return that is made otherwise than in accordance with paragraphs (5) and (6) is treated as not having been made.”;
replace paragraph (7) with —“(7) For the purpose of paragraph (1) —
the definitions in section VIII of the CRS apply as modified by regulation 15; and
in paragraph G of section I of the CRS, “Crypto‑Asset Reporting Framework” means the Income Tax (International Tax Compliance Agreements) (Crypto‑Asset Reporting Framework) Regulations 2026 (G.N. No. S 551/2026).
(7AA) In the case of a reporting Singaporean financial institution that is a trust, a requirement under paragraph (1) or (3) (read with paragraphs (5) and (6)) must be complied with by the trustee of the reporting Singaporean financial institution.”; and
after paragraph (7A), insert —“(7B) Despite paragraph (1) (read with paragraph A of section I of the CRS), under sub‑paragraph A(1)(b) and (6)(bis) of section I of the CRS, with respect to each reportable account maintained by a reporting Singaporean financial institution as of 31 December 2026, information mentioned in paragraph B of section X of the CRS is only required to be reported for the calendar years 2027 and 2028 if it is available in the electronically searchable data maintained by the institution.”.