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Singapore: Updated FAQs concerning FATCA

Singapore: Updated FAQs concerning FATCA

The Inland Revenue Authority of Singapore (IRAS) updated a list of “frequently asked questions” (FAQs) related to the FATCA filing process via myTax Portal.

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There are new and updated FAQs about FATCA registration information, including:

  • FAQ Q2: Reporting Singapore financial institutions can provide their FATCA registration information to IRAS via the “Apply for CRS Registration” e-Service, which takes about three weeks to be processed.
  • FAQ Q6: A sponsored entity can indicate its sponsoring entity’s global intermediary identification number (GIIN) ending with ‘SP.702’ in the “Sponsor’s GIIN” field when registering.
  • FAQ Q7: A sponsored closely held investment vehicle can indicate its sponsoring entity’s GIIN ending with ‘SP.702’ in the “FI’s GIIN” field when registering, and when populating the taxpayer identification number value for the reporting financial institution in the FATCA return.

Additionally, an updated FATCA “fillable form” (in PDF format) will be released for reporting Singapore financial institutions to file their FATCA returns.

Read an April 2020 report [PDF 78 KB] prepared by the KPMG member firm in Singapore

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