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Frequently Asked Questions(Common Reporting Standard)


1. What is CRS?

The Common Reporting Standard (CRS) is an information-gathering and reporting requirement for financial institution in participating countries, to help fight against tax evasion and protect the integrity of tax systems.

2. What does this mean for me? 

Under the CRS, you are to advise BOC of your tax residency. If you are a tax resident outside Singapore (where your account is held), we may need to give the national tax authority this information, along with information relating to your accounts. That may then be shared between other countries’ tax authorities pursuant to effective bilateral Competent Authority Agreements (CAA) to exchange financial account information.  You will be requested to complete the Self-Certification Form and to provide supporting documents to ensure we hold accurate and updated information about your tax residency status.

3. Am I reportable? 

This will depend on where you live and your circumstances.

4. Why should I complete the self cert form when I'm not required to pay any tax in Singapore? 

Under the CRS, the Bank is legally required to establish the tax residency status of all our customers, even if you are tax resident in the same country as where you hold your account.

5. In what scenario do I have to declare more than 1 country of tax residence? 

According to the regulations, a person’s residence for a tax purpose is if the person is an individual, the jurisdiction in which the person is resident under the tax laws of the jurisdiction. If there is more than one country of tax residence, please declare accordingly. Please speak to a professional tax adviser or visit the OECD website on how to define your tax residency status.

6. Why do I need to fill up the form when I am not working and no tax is payable?

Under the CRS, the Bank is legally required to establish the tax residency status of all our customers, even if you are not working and not paying taxes.

7. What happens if my tax residency changes?

If your circumstances change and any of the information provided in the self-certification form becomes incorrect, please notify us immediately and provide an updated self-certification form within 30 days.

8. What is the impact if we do not complete the self-cert form?

BOC is committed to be CRS compliant. We will not open new accounts for new customers who do not comply with CRS requirements. For existing customers, we will not open new incremental accounts or offer additional products and services. The Bank may be required to report to IRAS the customers’ financial account information based on the identified foreign indicia in the Bank’s records.

9. Upon submission of the self-cert form, will the tax be directly deducted from my account in BOC?

The eligibility to pay tax is evaluated by IRAS and payment of tax is an agreement between IRAS and the customer.

10. Will bank inform IRAS our AUM in BOC?

If your account is reportable, IRAS requires the financial information of your account to be included in the reporting.

11. How do I fill up the form?

Please follow the instructions found on the Tax Residency Self-Certification Form. You may approach our Bank staff to clarify the instructions or contact our 24 hours Customer Service Hotline at 1800-669-5566 (Singapore) / (65)6779 5566 (Overseas).

12. Why didn’t my other family members receive this letter even though they are BOC customers as well?

The bank is sending letter to customers based on certain criteria such as the presence of foreign indicia in your records with the Bank.

You may make a copy of the CRS self-certification form and let your family member to update their tax residency if they have not received the form.

13. Why the letters are sent to different mailing address?

The letter is sent to your account mailing address according to your account opening instruction. Should you wish to update all your mailing addresses, please send an instruction to the Bank.

14. Where should I submit the form to?

Please fill up the form and mail it back to us at:

CNF 3rd Floor, 4 Battery Road, Bank of China Building Singapore 049908

15. Can I email the form back to you?

No, please mail the original copy back to us.

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