18 February 2016
The Inland Revenue Authority of Singapore (IRAS) has updated the FATCA content on its website.
Under the FATCA regulations, a Reporting Singapore-based Financial Institution (SGFI) is required to submit a return in relation to every US reportable account it maintains on or before 31 May of the year following the calendar year to which the return relates.
The following are the updates:
1. Contact information no longer required. Reporting SGFIs will no longer need to provide their contact information to IRAS as it is already found in the FATCA reporting packet submitted to IRAS via the IDES.
2. Collection of self-certification documentation by 17 March 2016. IRAS has reminded Reporting SGFIs that applied the Alternative Procedures on new accounts opened between 1 July 2014 and 17 March 2015 to collect the required self-certification or other documentation for any of such accounts by 17 March 2016.
Those that are unable to do so will be required to:
- close the accounts
- perform the applicable due diligence procedures on such closed accounts; and
- report any closed account that is identified as a US Reportable Account or as an account held by a Non-participating Financial Institution, as the case may be, to IRAS by 31 May 2016.
The above was updated by IRAS on 11 February 2016. For further details, please refer to the IRAS website.