• Marco Zawar MBA/LLM (Tax)

Singapore - CRS & FATCA Report Transmission for Reporting Year 2019

The Inland Revenue Authority of Singapore (“IRAS”) on 1 April 2020 published both FATCA and Common Reporting Standard (CRS) the reporting timelines.

The filling session for FATCA and CRS for the reporting year 2019 will commence on 20 April 2020.

All Reporting SGFI’s shall submit their FATCA and CRS returns to IRAS not later than 31 May 2020.

With effect from 1 April 2020, all FATCA and CRS returns, including nil returns must be submitted via the “Submit CRS or FATCA Return” e-Service at IRAS’ myTax Portal.

IRAS allows Reporting SGFI’s to use fillable PDF forms to submit their FATCA FATCA and CRS returns. Each fillable PDF form can contain a maximum of 40 account reports only or a maximum file size of 5MB. 

- IRAS does not accept paper based FATCA and CRS returns sent by post -

Please be reminded, that IRAS will not hesitate to take deterrent measures such as issuing warnings and imposing penalties on errant Reporting SGFIs that choose to be non-compliant.

Reporting SGFI's considering to outsource their FATCA and CRS filing procedures are welcome to contact me, to find out, how we can provide a sustainable and cost-efficient way to ensure your tax compliant reporting under FATCA and CRS.

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©2019 by Marco Zawar