FATCA Reporting To Start April 16 In Singapore

by Mary Swire, Tax-News.com, Hong Kong

06 March 2018

Financial institutions in Singapore are required to file information required under the US Foreign Account Tax Compliance Act starting April 16 by May 31, 2018.

All reporting Singapore financial institutions (SGFIs) must submit a FATCA Return to IRAS by May 31 setting out the required information in relation to every US reportable account that they maintained in the 2017 calendar year.

"We strongly encourage Reporting SGFIs to submit their FATCA Return by May 15, 2018, to allow sufficient time to resolve any unexpected issues," the Inland Revenue Authority of Singapore said in a March 5 statement.

The agency further noted that enforcement actions would be taken against Reporting SGFIs who do not to submit their FATCA returns on time or who fail to submit FATCA returns.

"Reporting institutions that do not maintain any US Reportable Accounts may continue to submit a Paper Nil Return for Reporting Year 2017. The Paper Nil Return for Reporting Year 2017 will be made available for download by IRAS from April 13, 2018," said IRAS.

TAGS: Foreign Account Tax Compliance Act (FATCA) | FATCA | Singapore | enforcement | Compliance | Tax