(March 17, 2015) 

On March 17, 2015 the Inland Revenue Authority of Singapore published the IRAS e-Tax Guide “Compliance Requirements of the Singapore-US Intergovernmental Agreement on Foreign Account Tax Compliance Act”.

According to the e-Tax Guide the aim of the Guide is to provide guidance to businesses, entities and persons affected by the Singapore-US Intergovernmental Agreement on Foreign Account Tax Compliance Act (“FATCA”).

The e-Tax Guide discusses subjects like a.o.:

• Background

  • What is FATCA

  • Overview of Timelines

• Singapore-based Financial Institutions

• Non- Financial Foreign Entities (NFFEs)

• Non-Reporting Singapore-based Financial Institutions

• Financial Accounts

• Due Diligence Procedures under the Agreement

• Reporting

• Compliance

• Registration  

For further information click here to be forwarded to the text of the e-Tax Guide as published on the website of the Inland Revenue Authority of Singapore.

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