Singapore: Updated FATCA guidance and FAQs

Singapore: Updated FATCA guidance and FAQs

The Inland Revenue Authority of Singapore (IRAS) updated guidance and a set of “frequently asked questions” (FAQs) concerning the FATCA regime.

  • The second version of the “IRAS Supplementary XML Schema User Guide for Preparing the FATCA Reporting Data File” contains updates to the section on “Schema Information” (Part C).
  • A new FAQ on the provision of FATCA registration information concerns when a reporting Singaporean financial institution is unable to obtain and report the U.S. taxpayer identification number (TIN) of a “preexisting account holder” or “controlling person of preexisting account holders.” Reporting Singaporean financial institutions are expected to have adequate and robust procedures in place to obtain the U.S. TIN, such as conducting annual outreach and documenting actions taken to obtain U.S. TINs and the reasons why U.S. TINs could not be obtained.
  • Updated FAQs on the FATCA filing process via the myTax Portal state that a reporting Singaporean financial institution in the process of liquidating, or that has ceased to meet the definition of a reporting Singaporean financial institution, is to file a final FATCA return to report any reportable accounts in the year of liquidation or cessation of activities that qualify the entity as a Singaporean financial institution, or file a “nil return” if it does not maintain any U.S. reportable accounts. The reporting Singaporean financial institution does not need to wait until the following year to file its final return and can do so by submitting its final return in advance through the myTax Portal.

Read a September 2020 report [PDF 84 KB] prepared by the KPMG member firm in Singapore 

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