FATCA - Singapore's Inland Revenue Authority released updated FATCA compliance guidelines
On 13 April 2020, the Inland Revenue Authority of Singapore (“IRAS”) released and updated version of the Compliance Requirements of the Singapore-US Intergovernmental Agreement on Foreign Account Tax Compliance Act (Third Edition)
The document is the first update after 17 November 2015 and considers mainly textual adjustments to the latest changes to newly implemented reporting gateway “Submit CRS or FATCA Return” e-Service within myTax Portal.
Treatment of execution-only broker
IRAS refines under Section 5.11.5. that execution-only broker “simply executes trading instructions or receives and transmits such instructions to another executing broker will not maintain Financial Assets for the account of others. It will therefore not be a Custodial Institution.”
About the Author
Marco is a certified Banker, holder of a degree as MBA (finance and accounting) and LLM (international business and tax law) providing 30+ years of working experiences as internal auditor, business consultant, and project manager achieved within Commercial Banking Institutions, Private Banking Institutions, Wealth Management Organisations and Financial Service Provider located in Europe and the APAC Region.
During his career Marco provided advisory services on
international tax transparency initiatives - AEoI, FATCA, EU-DAC6, OECD-CRS - to meet financial institutions AML/KYC, Customer due diligence, tax reporting and disclosure obligations;
the implementation of U.S Qualified intermediary regime (QI) and U.S 1099 tax reporting requirements;
the institution of investment compliance frameworks and policies supporting the monitoring of regulatory, contractual and bank internal investment restriction;