Singapore announces changes t0 FATCA reporting requirements

As previously reported, 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 (Link-Blog). In order to submit this information Reporting SGFIs must provide their FATCA registration information to IRAS. Reporting SGFIs that have yet to do so should provide the information via the “Apply for CRS Registration” e-Service (Link).

On 30 September 2019, more information on the FATCA reporting requirements has been released (Link). Inter alia, the IRAS Supplementary XML Schema User Guide, which provides additional guidance on how the information data elements must be presented for the purpose of FATCA reporting to IRAS via myTax Portal (Link).

In addition, also on 30 September 2019, the Inland Revenue Authority of Singapore (“IRAS”) reported, that the updated list of US IRS-approved Certificate Authorities has been released (Link). With effect from 1 April 2020, Reporting SGFIs do not need to have a valid certificate, as there is no need to digitally sign, encrypt or compress the FATCA XML file for submission via myTax Portal.

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