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Singapore: FATCA reporting updates, financial institutions

Singapore: FATCA reporting updates

The Inland Revenue Authority of Singapore (IRAS) on 24 March 2020 issued updates for “Singapore-based financial institutions” (SGFIs) concerning FATCA reporting.

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  • Effective from 1 April 2020, reporting SGFIs are required to electronically submit all FATCA returns (including nil returns) through the myTax Portal. FATCA registration information must be provided to IRAS in order to submit FATCA returns from 1 April 2020. Reporting SGFIs that have not done so are able to submit the required information through the myTax Portal. Common reporting standard (CRS)-registered SGFIs are directed to submit only the FATCA registration information.
  • Reporting SGFIs will no longer be able to log in to the International Data Exchange System (IDES) from 1 April 2020, and are instructed to download all files that they may need before 1 April 2020.
  • The FATCA reporting packet submitted by reporting SGFIs between 25 March 2020 and 31 March 2020 via the IDES portal must be encrypted with the new IRAS public key.


Read a March 2020 report [PDF 76 KB] prepared by the KPMG member firm in Singapore

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