1. Singapore signed a Tax Information Exchange Agreement (TIEA) and a reciprocal Foreign Account Tax Compliance Act Model 1 Intergovernmental Agreement (reciprocal FATCA IGA) with the United States of America on 13 November 2018.
2. The signing took place in Singapore, between Deputy Secretary (Planning) of the Singapore Ministry of Finance, Yee Ping Yi, and the United States of America Chargé d’Affaires to Singapore, Stephanie Faye Syptak-Ramnath.
3. The TIEA will permit Singapore and the United States of America to exchange information for tax purposes. The reciprocal IGA provides for the automatic exchange of information with respect to financial accounts under the US’ Foreign Account Tax Compliance Act. This new reciprocal IGA will supersede the current non-reciprocal one when it enters into force.
4. The full text of the TIEA and reciprocal FATCA IGA are available on the Inland Revenue Authority of Singapore’s website. The TIEA will enter into force after its ratification by Singapore. The reciprocal FATCA IGA will enter into force after its ratification by both countries.
MINISTRY OF FINANCE
16 November 2018