Singapore: Updated FATCA technical guidance and FAQs

Clarification on populating foreign tax identification number (TIN) for an entity account holder that is not a U.S. person

Clarification on populating foreign TIN for entity account holder that is not U.S. person

The Inland Revenue Authority of Singapore (IRAS) on 23 February 2022 issued the fourth version of the “IRAS Supplementary XML Schema User Guide for Preparing the FATCA Reporting Data File.”

The guide is updated to amend paragraph 7.3 to provide clarification on populating a foreign tax identification number (TIN) for an entity account holder that is not a U.S. person.

Additionally, the IRAS updated its FATCA “frequently asked questions” (FAQs) as follows:

  • Added FAQ B.7: If an account holder type is FATCA101 or FATCA102, the account holder/ organisation/ TIN element can have a “TIN issuedBy” value that is a non-U.S. issued TIN. This value is not applicable for other account holder types. The acceptable TIN value consists of alphanumeric and unprohibited symbols.

Read a March 2022 report [PDF 140 KB] prepared by the KPMG member firm in Singapore

 

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