17 March 2017
Under the FATCA regulations, a Reporting Singapore-based Financial Institution (SGFI) is required to submit a FATCA 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 return will include information on every US Reportable Account that is maintained in calendar year 2016, and all payments made to each nonparticipating financial institution (nonparticipating FFIs) in calendar year 2016.
A Reporting SGFI that did not maintain any US Reportable Accounts or make payment to nonparticipating FFIs in 2016 is required to submit a Paper Nil return to IRAS. IRAS has advised that the Paper Nil Return is available for download from 3 April 2017.
Filing for FATCA returns for reporting year 2016 will commence on 15 April 2017. SGFIs are required to submit the return to IRAS by 31 May 2017.
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