Singapore extends FATCA and CRS Reporting Deadlines

On 15 May 2020, the Inland Revenue Authority of Singapore (“IRAS”) announced that, consistent with international practices to help financial institutions in light of the COVID-19 situation, IRAS is automatically extending the Common Reporting Standard (“CRS”) filing deadline for the Reporting Year 2019 to 31 August 2020 (Link). Reporting Singapore Financial Institutions are encouraged to submit their CRS return(s) by 15 August 2020 to allow sufficient time to resolve any unexpected issues.

In addition, also on 15 May 2020, and in line with the announcement by the United States Internal Revenue Service and considering the COVID-19 situation, IRAS is automatically extending the Foreign Account Tax Compliance Act (“FATCA”) filing deadline for the Reporting Year 2019 to 31 August 2020 (Link). Reporting Singapore Financial Institutions are encouraged to submit their FATCA return(s) by 15 Aug 2020 to allow sufficient time to resolve any unexpected issues.

Reporting SGFIs that can file their FATCA and/or CRS return(s) earlier by 31 May 2020 should continue to do so.

Leave a reply

Your email address will not be published. Required fields are marked *

/* */