22 April 2016
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.
Filing for FATCA returns for reporting year 2015 will commence on 15 April 2016. SGFIs are required to submit the return to IRAS by 31 May 2016, via the International Data Exchange Service (IDES), under a Model 1 Option 2 arrangement.
A Reporting SGFI that does not maintain any US Reportable Accounts in 2015 is required to submit a nil return to IRAS by either:
- preparing a FATCA reporting packet and transmitting it through the IDES, or
- completing a paper FATCA Nil Return and sending the completed paper FATCA Nil Return to IRAS.