Singapore announces changes t0 FATCA reporting requirements

On 24 March 2020, the Inland Revenue Authority of Singapore (“IRAS”) announced that with effect from 1 April 2020, Reporting SGFIs will no longer be able to log in to the IDES and should download any reports that they may need from the IDES before 1 April 2020 (Link).

In addition, also with effect from 1 April 2020, Reporting SGFIs 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. Reporting SGFIs must provide their FATCA Registration Information to IRAS in order to submit their FATCA returns to IRAS from 1 April 2020. Reporting SGFIs that have yet to do so should provide the information via the “Apply for CRS Registration” e-Service. A CRS-registered SGFI should submit only the FATCA Registration Information of the entity under the e-Service.

Finally, Reporting SGFIs submitting a FATCA reporting packet via IDES between 25 March 2020 to 31 March 2020 must encrypt the FATCA reporting packet using the new IRAS Public Key.

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