On 1 March 2019, the Inland Revenue Authority of Singapore (“IRAS”) announced that the Foreign Account Tax Compliance Act (“FATCA”) Return Filing for the Reporting Year 2018 will commence on 15 April 2019 (Link). All Reporting SGFIs must submit a FATCA Return to IRAS, setting out the required information in relation to every US Reportable Account that was maintained in Calendar Year 2018, by 31 May 2019.
IRAS encourages Reporting SGFIs to submit their FATCA Return by 15 May 2019 to allow sufficient time to resolve any unexpected issues. Enforcement actions will be taken against Reporting SGFIs that do not submit their FATCA returns on time.
Reporting SGFIs that did not maintain any US Reportable Accounts may continue to submit a Paper Nil Return for Reporting Year 2018. The Paper Nil Return for Reporting Year 2018 will be made available for download from 12 April 2019.
In addition, also on 1 March 2019, IRAS reminds, that Reporting SGFIs can register or update their FATCA classification at the FATCA Registration Portal under the FI classification “Reporting Financial institution under a Model 1 IGA” (Link).