Singapore - IRAS release FAQs on FATCA filing procedures via "Submit CRS or FATCA returns" e-Service
On 20 April 2020, the Inland Revenue Authority of Singapore (“IRAS”) released FAQs related on FATCA filling via myTax Portal.
The document addresses common questions on FATCA reporting and highlights issues that Reporting Singapore-based Financial Institutions (“SGFIs”) should look out for while preparing for FATCA data reporting.
Key FATCA reporting requirements I like to reiterate:
FATCA return filing can only transmitted via the “Submit CRS or FATCA Return” e-Service at IRAS’ myTax Portal with a reporting deadline 31 May 2020. The maximum file size of the FATCA return file is limited to 5MB.
FATCA returns can either filed in XML format or via fillable PDF. Fillable PDF are limited to a maximum of 40 account reports or a maximum file size of 5MB.
SGFIs not maintaining US Reportable Accounts from reporting year 2019 onwards are required to file “Nil Reports” with IRAS.
SCGFI's utilisation of 3rd Party Service Provider to fulfil their reporting obligations
IRAS within the FAQs encourage Reporting SGFIs not having the relevant expertise to seek advice from 3rd Party service provider to assist them in the FATCA report generation and transmission in accordance to FATCA XML Schema to ensure their FATCA compliant status.
About the Author
Marco is a certified Banker and holds degrees as MBA (finance and accounting) and LLM (international business and tax law).
Marco provides 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.
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;