Foreign Account Tax Compliance Act (FATCA)

Date
What's new 
1 April 2020

FATCA Return Filing for Reporting Year 2019

FATCA Return Filing for the Reporting Year 2019 will commence on 20 April 2020. All Reporting SGFIs must submit FATCA return(s) to IRAS, setting out the required information in relation to every US Reportable Account that was maintained in Calendar Year 2019, by 31 May 2020.

We encourage Reporting SGFIs to submit their FATCA return(s) by 15 May 2020 to allow sufficient time to resolve any unexpected issues.

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

24 March 2020

New IRAS Public Key for preparing a FATCA reporting packet for submission via IDES between 25 March 2020 to 31 March 2020

Reporting SGFIs submitting a FATCA reporting packet via IDES between 25 March 2020 to 31 March 2020 must encrypt the FATCA reporting packet using the new IRAS Public Key. Please refer to Step 3 in  Overview of FATCA Reporting through IDES section for a copy of the new IRAS Public Key.

Reporting SGFIs are reminded that 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. 

24 March 2020

Reminder: 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.

Reporting SGFIs must provide their FATCA Registration Information to IRAS in order to submit their FATCA returns to IRAS from 1 April 2020. Reporting SGFIs that have yet to do so should provide the information via the “ Apply for CRS Registration” e-Service. A CRS-registered SGFI should submit onlythe FATCA Registration Information of the entity under the e-Service.

24 March 2020

With effect from 1 April 2020, Reporting SGFIs will no longer be able to log in to the IDES and should download any reports that they may need from the IDES before 1 April 2020.

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 (PDF, 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.

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 (PDF, 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 (PDF, 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.  

Where there are changes to Reporting SGFIs' FATCA Registration Information, Reporting SGFIs should also update the information at the US IRS' FATA Registration Portal (where applicable) and provide IRAS with the updated information (e.g. GIIN) via the "View/ Update FI Profile" e-Service.

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

Provision of FATCA Registration Information to IRAS

Reporting SGFIs must provide IRAS with their FATCA Registration Information via the “ Apply for CRS Registration ” e-Service. A CRS-registered SGFI should submit only the FATCA Registration Information of the entity under the 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.

Please click on the following link for the:

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 (PDF, 547KB). Please click on the following links for the:

FATCA Reporting Requirements 

 FATCA Return Filing for the Reporting Year 2019 will commence on 20 April 2020. All Reporting SGFIs must submit their FATCA return(s) to IRAS by 31 May 2020. 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 that did not maintain any US Reportable Accounts in 2019 are required to file a nil return to IRAS.

With effect from 1 April 2020, all FATCA returns, including nil returns (if applicable) must be submitted electronically to IRAS via the “Submit CRS or FATCA Return” e-Service at IRAS’ myTax Portal. No paper returns will be accepted. Reporting SGFIs can select “Return with Nil Data” via this e-Service if they did not maintain any US Reportable Accounts in 2019. 

Reporting SGFIs can submit their FATCA returns using fillable PDF forms, if they do not wish to acquire a reporting tool to generate the FATCA returns in XML format. Each fillable PDF form can however accommodate up to a maximum of 40 account reports only or a maximum file size of 5MB. 

If more than one such form is used, each form must be submitted individually via the e-Service. The fillable PDF form is available here (PDF, 396KB). 

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 (ZIP, 18KB) 
(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 (PDF, 1,182KB) 

(US IRS' Publication 5124)

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

2.0 From 1 April 2020 

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

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

IRAS will send notifications to Reporting SGFIs to inform that the Reporting SGFIs' submitted FATCA Return has been accepted by IRAS, if the submitted FATCA Return does not contain either file or record level errors.

IRAS will send notifications to Reporting SGFIs to inform that the Reporting SGFI's submitted FATCA Return has been i) rejected ii) accepted with record level errors or iii) contains errors highlighted by the US IRS. When Reporting SGFIs receive such notifications from IRAS, the Reporting SGFIs should refer to the List of IRAS FATCA File and Record Level Errors (PDF, 244KB) for more information on the identified error(s) and the necessary resolution(s).


AEOI e-Services

You can access the AEOI e-Services via these 3 steps:

Step 1: Register as a Reporting SGFI

Step 2: Authorise FI users and third parties via CorpPass

Step 3:  Log in to myTax Portal to access the AEOI e-Services

Please click here for the full list of AEOI e-Services.


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 (PDF, 242KB) (updated 5 Jan 2018)

FAQs for Account Holders (PDF, 167KB)

FAQs - FATCA Filing Process (PDF, 323KB) 

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


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