Inter-Governmental Agreement (IGA) on the US Foreign Account Tax Compliance Act (FATCA)

The Singapore Government is in talks with the US Department of the Treasury to conclude an IGA on the FATCA. This is in line with Singapore’s role as a responsible tax jurisdiction and our commitment to safeguard our financial system from being used to harbour illegal proceeds. A private sector advisory panel will be formed to provide industry inputs to the talks. FATCA aims to combat tax evasion by targeting non-compliance by US taxpayers using overseas accounts.