Singapore announces changes t0 FATCA reporting requirements

On 10 July 2019, the Inland Revenue Authority of Singapore (“IRAS”) announced that, with effect from 1 April 2020, Reporting Singapore Financial Institutions must submit all Foreign Account Tax Compliance Act (“FATCA”) returns, including nil returns (if applicable), electronically to IRAS via the “Submit CRS or FATCA Return” e-Service at IRAS’ myTax Portal. Correspondingly, IRAS will no longer accept FATCA returns submitted via the International Data Exchange System (“IDES”). The requirement is applicable to all submissions of new, nil, amended, corrected or void FATCA returns, including returns relating to Reporting Years 2018 and earlier. These changes will streamline Reporting SGFIs’ FATCA reporting process (Link).

More information on the FATCA reporting requirements via the “Submit CRS or FATCA Return” e-Service will be released by end-September 2019.

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