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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.


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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

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