Singapore: Updated FATCA guidance

Singapore: Updated FATCA guidance

The Inland Revenue Authority of Singapore (IRAS) issued an updated version of an “e-Tax guide” for FATCA compliance purposes.


Related content

The updated e-Tax guide reflects the following amendments:

  • A reciprocal intergovernmental agreement (IGA) signed in November 2018 supersedes a 2014 agreement
  • Additional information on certain types of investment entities including “execution-only brokers”
  • Information on financial accounts relating to executing brokers and transfer agents
  • An IT system for Singapore “reporting financial institutions” to electronically submit FATCA returns, replacing the International Data Exchange Service (IDES)
  • Singapore “reporting financial institutions” no longer required to submit paper “nil returns” effective from the 2019 reporting year; “nil return” submissions to be filed electronically by selecting “Return with Nil Data” when filing on the IRAS portal
  • A Singapore reporting financial institution in the process of liquidating or that has ceased to meet the definition of a reporting financial institution is required to file a final FATCA return and proceed to deregister for FATCA purposes
  • Resubmission of returns due to minor errors to be made electronically via the IRAS myTax portal
  • Deletion of contact information for enquiries

Read an April 2020 report [PDF 76 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