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.

1000

Related content

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

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal