3 June 2015
The Inland Revenue Authority of Singapore (IRAS) has updated the Foreign Account Tax Compliance Act (FATCA) content on its website.
Under the FATCA regulations, a Reporting Singapore-based Financial Institution (SGFI) is required to submit a return setting out the required information in relation to every US reportable account it maintains on or before 31 May (for reporting year 2014, this deadline is extended to 31 July 2015) of the year following the calendar year to which the return relates.
A Reporting SGFI that does not maintain any US Reportable Account for Reporting Year 2014 must provide a nil return by either:
- preparing a FATCA reporting packet and transmitting it through the International Data Exchange Service (IDES); or
- completing a paper FATCA Nil Return (available at a later date) and mailing it to IRAS by 31 July 2015.
The update made relate to:
- Availabiity of International Data Exchange Service (IDES) for testing
For Reporting SGFIs that have enrolled by 29 May 2015, IDES is available for testing from 2 June 2015 to 9 June 2015. Reporting SGFIs are advised to submit their FATCA reporting packets through IDES by 5 June 2015.
- The provision of contact information by Reporting SGFIs
To facilitate any possible IRAS follow up, Reporting SGFIs are required to provide the contact information of their personnel responsible for FATCA reporting by completing the contact information form on the IRAS website.
The update was made on 26 May 2015.