Inland Revenue Authority of Singapore released updates on their FATCA FAQ’s
On September 21, 2020 the Inland Revenue Authority of Singapore („IRAS“) provided updates on their FATCA FAQ's
FAQ A.6 to provide guidance when financial institutions under liquidation or ceased to meet the status of a Reporting Singapore Financial Institutions (“SGFI’s“) shall provide a final FATCA return;
FAQ B.5 to provide clarification on the transition relief provided under #IRS Notice 2017-46 with respect to the reporting of pre-existing accounts if the SGFI is still unable to obtain a U.S. TIN.
Financial institutions should be aware, that FAQ B.5 implicit requires SGFI’s to strengthen their internal documentation process reflecting their actions taken to obtain the U.S. Tin from pre-existing account holder.
In addition IRAS updated
Part C of the „Foreign Account Tax Compliance Act („FATCA“) IRAS Supplementary XML Schema User Guide for Preparing the FATCA Reporting Data File (Second Edition).
SGFI’s in the light of the Covid-19 considering to outsource their CRS and FATCA reporting obligations to reduce operational costs and to improve their current CRS & FATCA compliance are invited to contact me to find out how CRS/FATCA One for Financial Institutions designed by our partner organisation Trans World Compliance can support your current and future reporting obligations.