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Singapore: New user guide under FATCA, effective 1 April 2020

Singapore: User guide under FATCA, effective 1 April

The Inland Revenue Authority of Singapore (IRAS) published a new user guide—IRAS Supplementary XML Schema User Guide for Preparing the FATCA Reporting Data File—to provide additional guidance to reporting “Singapore-based financial institutions” (SGFIs) on requirements concerning certain data elements under the FATCA regime.

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The user guide will be effective 1 April 2020 and will apply with regard to submissions for new, nil, amended, corrected or void FATCA returns filed with the IRAS, including returns relating to reporting years 2018 and earlier.

Additionally, IRAS informs that reporting SGFIs must submit all FATCA returns (including nil returns) electronically through the myTax Portal. IRAS will no longer accept FATCA returns submitted through the International Data Exchange System (IDES) beginning 1 April 2020.


Read an October 2019 report [PDF 70 KB] prepared by the KPMG member firm in Singapore

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