Date

What's new

21 Dec 2016

FATCA XML Schema Version 2.0 (Effective from 17 January 2017)

With effect from 17 January 2017, all new, nil, amended, corrected or void FATCA Returns, including returns relating to Reporting Years 2014 and 2015, that are submitted to IRAS through the IDES must be formatted using FATCA XML Schema Version 2.0.

To facilitate the transition to the new Schema, the IDES will be closed from 14 January 2017 to 16 January 2017. Please note that the last day and time for Reporting SGFIs to submit their FATCA reporting packets, that are prepared using FATCA XML Schema Version 1.1, to IRAS is 12 January 2017, 5:00 PM. This is to allow IRAS sufficient time to review and follow up on the reported packets. Any reporting packet submitted after 12 January 2017, 5:00 PM may not be approved for onward transmission to the IRS.

11 Oct 2016

Adoption of FATCA XML Schema Version 2.0 for FATCA Return submission

IRAS has adopted FATCA XML Schema v2.0 for Reporting SGFIs’ use. The date of transition, which is expected to be in January 2017, will be announced in due course. Following the transition date, all new, nil, amended, corrected or void FATCA Returns, including returns relating to Reporting Years 2014 and 2015, that are submitted to IRAS through the IDES must be formatted using FATCA XML Schema Version 2.0.

Please refer to FATCA Data Format section for a copy of the FATCA XML Schema v2.0.

15 July 2016


FATCA XML Schema v2.0 (Draft version)

For Reporting Year 2016 (i.e. submission commencing April 2017), the FATCA XML Schema v2.0 will replace v1.1. All International Data Exchange Service (IDES) users, including Reporting SGFIs, will be required to submit FATCA Reports using version 2.0 as version 1.1 will no longer be supported.

A draft version of the FATCA XML Schema v2.0 is available on the FATCA XML Schemas and Business Rules for Form 8966 web page. The draft schema is subject to change and not intended for use in current production.

IRAS will make an announcement and published the FATCA XML Schema v2.0 on this webpage when it is finalised and adopted for Reporting SGFIs’ use.

15 July 2016


REMINDER: FATCA Return Filing for Reporting Year 2015

FATCA Return filing for Reporting Year 2015 has ended on 31 May 2016. Reporting SGFIs that have not submitted their FATCA Return must do so immediately.

25 May 2016

REMINDER: FATCA Return Filing for Reporting Year 2015

All Reporting SGFIs are reminded to submit their FATCA Return for Reporting Year 2015 by 31 May 2016.

25 May 2016


Change of FATCA IDES File Encryption Mode (Effective date: 9 July 2016)

With effect from 9 July 2016*, IDES will no longer accept data packets encrypted with ECB cipher mode and Reporting SGFIs are required to transmit FATCA reporting packet using CBC cipher mode. CBC is a stronger algorithm for encrypting data and its adoption will improve the current secure data packaging process.

The sample codes for developing an utility to prepare a FATCA reporting packet, using CBC cipher mode, have been updated and  can be found here.

More information on CBC encryption is available in Section 9 of the IDES User Guide

* Please note that CBC Encryption Mode will only be implemented from 9 July 2016, and all FATCA reporting packets submitted prior to 9 July 2019 must be encrypted using the current ECB cipher mode.

4 Apr 2016 

FATCA Return Filing for Reporting Year 2015

FATCA Return Filing for the Reporting Year 2015 will commence on 15 April 2016. All Reporting SGFIs are required to submit a FATCA Return to IRAS, setting out the required information in relation to every US Reportable Account maintained in Calendar Year 2015, by 31 May 2016.

Please refer to the FATCA Reporting section for more information.  

11 Feb 2016 

REMINDER: New Accounts opened prior to the entry into force of the Singapore-US IGA and under the Alternative Procedures

The one year period for applying the alternative due diligence procedures (“the Alternative Procedures”) provided under Paragraph G.2 of Section VI of Annex I of the Singapore-US IGA (“the IGA”), for New Accounts opened prior to the entry into force of the IGA will end on 17 March 2016.

Reporting SGFIs that have applied the Alternative Procedures on New Accounts opened between 1 July 2014 and 17 March 2015, are reminded to collect the required self-certification or other documentation for any of such accounts by 17 March 2016. Reporting SGFIs that are unable to obtain the required documentation on such accounts by 17 March 2016 must

  1. close the accounts;

  2. 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 Nonparticipating Financial Institution, as the case may be, to IRAS by 31 May 2016 

11 Feb 2016 

FIs no longer need to provide contact information to IRAS for FATCA

Reporting SGFIs need not provide their contact information to IRAS as such information can be obtained when a FATCA reporting packet is submitted to IRAS via the IDES.

Please subscribe to IRAS eAlerts if you wish to be informed of updates to the IRAS FATCA webpage. 

18 Nov 2015 

Clarification Note on Sole-Proprietorships

This note seeks to clarify the treatment of accounts held by sole-proprietorships for FATCA purposes. A consequential update is made in the FATCA e-Tax Guide. 

18 Nov 2015 

FAQs for Account Holders

The FAQs address the common questions that IRAS receives on FATCA and self-certifications required by financial institutions. 

4 Sep 2015 

Reminder on FATCA Return submission for Reporting Year 2014

FATCA Return submission for Reporting Year 2014 has ended on 31 July 2015. Reporting SGFIs that have requested for an extension are reminded to submit their return by the extended due date. Reporting SGFIs that have not submitted their FATCA Return must do so immediately and contact IRAS (by emailing to FATCA@iras.gov.sg) to explain why they have failed to submit the return on time to avoid follow up action from IRAS.