Foreign Account Tax Compliance Act (FATCA)

Date
What's new 
30 September 2019

The IRAS Supplementary XML Schema User Guide for Preparing the FATCA Reporting Data File (“Supplementary Guide”) to be read in conjunction with the FATCA Regulations, FATCA guidance materials and the FATCA XML Schema V2.0 User Guide (US IRS’ Publication 5124), is available here

The Supplementary Guide provides additional guidance on how the information for certain data elements must be presented for the purpose of FATCA reporting to IRAS via myTax Portal with effect from 1 April 2020.  

30 September 2019

In order to submit FATCA returns via the “Submit CRS or FATCA Return” e-Service from 1 April 2020, Reporting SGFIs must provide their FATCA registration information to IRAS.

Reporting SGFIs that have yet to do so should provide the information via the “Apply for CRS Registration” e-Service.

More information is available here.

30 September 2019

List of Approved Certificate Authorities

The list of US IRS-approved Certificate Authorities has been updated.

If the Reporting SGFI has a valid certificate from an approved certificate authority, based on the prior version of the list (available in FAQs - FATCA Filing Process (323KB)), the Reporting SGFI may continue to use it until it expires.

Please note that with effect from 1 April 2020, Reporting SGFIs do not need to have a valid certificate as there is no need to digitally sign, encrypt or compress the FATCA XML file for submission via myTax Portal.

10 July 2019

Changes to FATCA reporting requirements with effect from 1 April 2020

With effect from 1 April 2020, Reporting SGFIs must submit all FATCA returns, including nil returns (if applicable), electronically to IRAS via the “Submit CRS or FATCA Return” e-Service at IRAS’ myTax Portal. Correspondingly, IRAS will no longer accept FATCA returns submitted via the International Data Exchange System (“IDES”). The requirement is applicable to all submissions of new, nil, amended, corrected or void FATCA returns, including returns relating to Reporting Years 2018 and earlier. These changes will streamline Reporting SGFIs’ FATCA reporting process.  

More information on the FATCA reporting requirements via the “Submit CRS or FATCA Return” e-Service will be released by end-September 2019.

15 April 2019 

FATCA Return Filing for Reporting Year 2018

The FATCA Paper Nil Return for Reporting Year 2018 is now available for download.

Please refer to the FATCA Reporting Requirements section for more information and download of the Paper Nil Return. 

1 March 2019 

FATCA Return Filing for Reporting Year 2018

FATCA Return Filing for the Reporting Year 2018 will commence on 15 April 2019. All Reporting SGFIs must submit a FATCA Return to IRAS, setting out the required information in relation to every US Reportable Account that was maintained in Calendar Year 2018, by 31 May 2019.  

We strongly encourage Reporting SGFIs to submit their FATCA Return by 15 May 2019 to allow sufficient time to resolve any unexpected issues. Enforcement actions will be taken against Reporting SGFIs that do not submit their FATCA returns on time.

Reporting SGFIs that did not maintain any US Reportable Accounts may continue to submit a Paper Nil Return for Reporting Year 2018. The Paper Nil Return for Reporting Year 2018 will be made available for download from 12 April 2019.

Please refer to the FATCA Reporting Requirements section for more information.

1 March 2019 

Changes to FATCA Registration: FI classification

Reporting SGFIs can register or update their FATCA classification at the FATCA Registration Portal under the FI classification "Reporting Financial institution under a Model 1 IGA".

Please refer to the FATCA Registration section for more information.

16 November 2018 

Singapore-US FATCA Model 1A IGA

Singapore and the US signed a FATCA Model 1A IGA on 13 November 2018.

The text of the IGA is available here.

Past updates can be found here.

Singapore-US IGA

Singapore and the US signed a FATCA Model 1 IGA on 9 December 2014 to help ease Singapore-based FIS' ('SGFIs') FATCA compliance burden. A copy of the IGA is available here. (494KB)

On 13 November 2018, Singapore and the US signed a reciprocal FATCA IGA, which will supersede the current IGA when it enters into force. This does not affect SGFIs' obligations under the current IGA. More details can be found here. A copy of the IGA is available here. (699KB) 

FATCA Registration

Reporting SGFIs can register or update their FATCA classification at the US IRS' FATCA Registration Portal as a "Reporting Financial Institution under a Model 1 IGA" and obtain a Global Intermediary Identification Number (GIIN) from the US IRS to be included in the US IRS' Foreign Financial Institution (FFI) List.  

Reporting SGFIs  must provide IRAS with their FATCA registration information via the “Apply for CRS Registration ” e-Service. Reporting SGFIs that do not provide their FATCA registration information will be unable to file their FATCA returns via myTax Portal.

The application will take about 3 weeks to be processed. Once the application is processed, we will send an email to the Point of Contact or individual trustee to inform him/her on the application’s outcome. We strongly encourage Reporting SGFIs to provide their FATCA registration information early to avoid unexpected issues that may occur during the filing of FATCA returns.

Where there are changes to Reporting SGFIs' FATCA registration information, Reporting SGFIs should also update the information at the US IRS' FATCA Registration Portal.

More information on FATCA registration can be found on the US IRS website.

FATCA Regulations, Guidance and Clarification Note

In late 2014, the Ministry of Finance (MOF), the Inland Revenue Authority of Singapore (IRAS) and the Monetary Authority of Singapore (MAS) held a public consultation on the FATCA Regulations, as well as Guidance which elaborates on the obligations of Reporting SGFIs under the Singapore-US IGA. Responses to key feedback received from the public consultation can be found here (547KB). Please click on the following links for the:

FATCA Reporting Requirements 

FATCA Return Filing for the Reporting Year 2018 will commence on 15 April 2019. All Reporting SGFIs must submit their FATCA returns for the Reporting Year 2018 to IRAS by 31 May 2019. Enforcement actions will be taken against Reporting SGFIs that do not submit their FATCA returns on time or do not submit their FATCA returns.

Under the FATCA Regulations, a Reporting SGFI is required to submit an annual return to IRAS setting out the required information in relation to every US Reportable Account that is maintained by the SGFI. Reporting SGFIs must prepare and transmit to IRAS via the IDES, a FATCA reporting packet that is formatted using FATCA XML Schema Version 2.0.

Reporting SGFIs that did not maintain any US Reportable Accounts in 2018 are required to provide a nil return by either (a) preparing a FATCA reporting packet and transmitting it through the IDES, or (b) completing a paper FATCA Nil Return and mailing it to IRAS. 

Please click on the following link for the:


Overview of FATCA Reporting through IDES
The table below provides an overview of the steps that a Reporting SGFI should take to prepare for FATCA data reporting through IDES: 

 1. Preparing the FATCA reporting data file in XML format
  • Generate the FATCA reporting data file in accordance with the FATCA XML Schema. (Please see details in section below on FATCA Data Format).
  • Validate the FATCA reporting data file against the FATCA XML Schema. 
  • If necessary, seek the services of an IT professional or vendor to assist in capturing and preparing the data in accordance with the FATCA XML Schema.

 2. Enrolling with IDES

  • IDES is open for enrolment. To enrol, the Reporting SGFI will need:
  1. Its GIIN;
  2. A valid email address; and
  3. A digital certificate purchased from an US IRS-approved Certificate Authority. Please allow sufficient time (minimally two weeks before enrolment) to acquire the digital certificate as the Certificate Authority will need time to verify the Reporting SGFI's credentials before issuing the digital certificate.
  • Please refer to Section 6 to 8 of the IDES User Guide (7,535KB) for enrolment instructions and the functions available to users of the IDES (i.e. the Reporting SGFI's administrator and end users).
  • During enrolment, Reporting SGFIs should only upload the digital certificate that is purchased from an US IRS-approved Certificate Authority, and not IRAS' or US IRS' public key.
  • The IDES Enrolment site can be accessed here.

 3. Preparing the FATCA reporting packet for transmission 

  • Reporting SGFIs may refer to Section 9 of the IDES User Guide (7,535KB) on the data preparation instructions for Model 1 Option 2 reporting arrangement.
  • In preparing the FATCA reporting packet, the Reporting SGFI is required to adopt US IRS' prescribed file naming convention (which is case-sensitive) strictly.
  • IRAS' public key to be used for preparing the FATCA reporting packet can be downloaded here.
  • Reporting SGFIs are advised to seek the services of an IT professional or vendor to assist them with the preparation of the FATCA reporting packet if required.  

 4. Transmitting the FATCA reporting packet to IRAS, via the IDES  

  • The Reporting SGFI will transmit the FATCA reporting packet to IRAS via the IDES Gateway. The transmitted file will only be released to the US IRS upon IRAS' approval.
  • The Reporting SGFI will be able to upload and transmit a file using web UI or SFTP. Please refer to Section 11 of the IDES User Guide (7,535KB).
  • The Reporting SGFI will receive transmission-related alerts (subject to the user’s Alert Preferences settings) from the IDES after it has submitted the FATCA reporting packet.

    Please note the following:
    a. In the event that the Reporting SGFI’s FATCA reporting packet is rejected by IRAS and the Reporting SGFI receives an email alert (with Alert Code: RC005 “Transmission is rejected by its own HCTA”), the Reporting SGFI is requested to contact IRAS to find out the reason for the rejection.
    b. The Reporting SGFI should contact IDES Customer Support ( questions@ides-support.com) for assistance if:
    - It does not receive an email alert from the IDES to update on the status of the submission within 10 minutes after a FATCA reporting packet has been submitted; or
    - It receives an alert (not being Alert Code: RC005 “Transmission is rejected by its own HCTA”) from IDES informing that the submission is unsuccessful and is not sure why the alert is triggered.
  • Reporting SGFIs are regarded to have submitted their FATCA return to IRAS for the reporting year when they receive an email alert (with Alert Code: RC023 “Successful upload and approved by the HCTA (Model 1 Option 2)”) from IDES informing them that their FATCA reporting packet has been approved by IRAS. No further action is required until the US IRS informs IRAS that the submitted FATCA reporting data file/packet contains error(s). Should this be the case, IRAS will in turn notify the affected Reporting SGFI of the error(s). Affected Reporting SGFIs will be given additional time to correct the error(s) and submit a revised FATCA reporting packet through the IDES.

   
FATCA Data Format

Reporting SGFIs will need to have processes in place to collate and prepare the required data in accordance with the prevailing FATCA XML Schema set out in the table below. Data submitted to IRAS in any other format will not be accepted. 

With effect from 1 April 2020, Reporting SGFIs must submit all FATCA returns, including nil returns (if applicable), electronically to IRAS via the “Submit CRS or FATCA Return” e-Service at IRAS’ myTax Portal. Correspondingly, IRAS will no longer accept FATCA returns submitted via the International Data Exchange System (“IDES”). The IRAS Supplementary XML Schema User Guide for Preparing the FATCA Reporting Data File, which should be read in conjunction with the FATCA Regulations, FATCA guidance materials and the US IRS FATCA XML Schema V2.0 User Guide (US IRS’ Publication 5124), provides additional guidance on how the information for certain data elements must be presented for the purpose of FATCA reporting to IRAS via myTax Portal. The requirement is applicable to all submissions of new, nil, amended, corrected or void FATCA returns, including returns relating to Reporting Years 2018 and earlier.

 Version  Status   XML Schema  User Guide
 2.0

Current

 



FATCA XML Schema
(US IRS' Publication Date: 31 August 2016)
Note: XML Schema Version 2.0 supports IDES FATCA Reporting for current and previous Reporting Years.
 

US IRS FATCA XML Schema V2.0 User Guide (1,182KB)

(US IRS' Publication 5124)

IRAS Supplementary Instructions for Preparing FATCA Reporting Data File (195KB) (Updated for FATCA XML Schema Version2.0) (updated 5 Jan 2018)

2.0From 1 April 2020 

US IRS FATCA XML Schema V2.0 User Guide (1,182KB)
(US IRS' Publication 5124)

IRAS Supplementary XML Schema User Guide for Preparing the FATCA Reporting Data File (126KB)


FAQs

FAQs have been prepared to assist Reporting SGFIs with fulfilling their FATCA obligations. The FAQs will be updated on a regular basis as and when there are new developments.


FAQs - General (242KB) (updated 5 Jan 2018)

FAQs for Account Holders (167KB)

FAQs - FATCA Filing Process (323KB) 

Contact us
Please email us for assistance or clarification on FATCA implementation in Singapore.  


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