14 August 2015

IRAS has updated the FATCA content on its website to remind Reporting SGFIs that had requested for an extension for Reporting Year 2014 to submit their FATCA Returns by the extended due date.

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.

For reporting year 2014, this deadline has been extended to 31 July 2015.

Those reporting SGFIs that have yet to submit their FATCA Return must do so immediately, and to contact IRAS by emailing to FATCA@iras.gov.sg, with an explanation of their reasons for failure to submit on time.

The update was made to the IRAS website on 11 August 2015.

Source: Government Gazette