Singapore-US Foreign Account Tax Compliance Act Intergovernmental Agreement and Regulations Enter into Force

The Singapore-US Foreign Account Tax Compliance Act (FATCA) Model 1 Intergovernmental Agreement (IGA) and Regulations entered into force on 18 March 2015. A copy of the agreement and Regulations can be found on the Inland Revenue Authority of Singapore’s (IRAS) website[1].

FATCA is a US law which targets non-compliance with tax laws by US persons using overseas accounts. Under FATCA, all financial institutions (FIs) outside of the US are required to regularly submit information on financial accounts held by US persons to the US Internal Revenue Service (IRS). The Singapore-US IGA facilitates Singapore-based FIs’ compliance with FATCA, by allowing them to fulfil their reporting obligations through the IRAS instead of reporting directly to the US IRS.

For more information on the Singapore-US IGA and Regulations, please refer to previous press releases[2]. If you have any FATCA queries, please email FATCA@iras.gov.sg.

Ministry of Finance

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Footnotes

[1] The IGA and Regulations can be found at: http://www.iras.gov.sg/irasHome/fatca/

[2] The FATCA 9 December 2014 press release can be found here: http://www.mof.gov.sg/news-reader/articleid/1444/parentId/59/year/2014?category=Press%20Releases

The FATCA 22 September 2014 press release on our proposed Regulations and e-Tax Guide can be found here: http://www.mof.gov.sg/news-reader/articleid/1437/parentId/59/year/2014?category=Press%20Releases

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Last Updated on February 13, 2017
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