Foreign Account Tax Compliance Act (FATCA)

Date
What's new 
28 August 2020
Entry into force of the Singapore-US reciprocal FATCA Model 1 IGA on 1 January 2021
28 August 2020Enactment of the Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2020 ("FATCA Regulations 2020") which will come into operation on 1 January 2021
12 August 2020

Updated FATCA Fillable PDF Form

Part IV, Section B of the FATCA Fillable PDF Form has been updated to include Entity Account Holder Type: Owner-Documented FFI with Specified U.S. Owner(s) (ODFFI). The updated FATCA Fillable PDF Form is available here (PDF, 424KB).

15 May 2020

Consistent with the announcement by the United States Internal Revenue Service and in light of the COVID-19 situation, IRAS is automatically extending the FATCA filing deadline for Reporting Year 2019 to 31 Aug 2020. We encourage Reporting SGFIs to submit their FATCA return(s) by 15 Aug 2020 to allow sufficient time to resolve any unexpected issues.

Reporting SGFIs that can file their FATCA return(s) earlier by 31 May 2020 should continue to do so.

6 May 2020

Updated FATCA Fillable PDF Form

The updated FATCA Fillable PDF Form is available here (PDF, 425KB). Reporting SGFIs that intend to file their FATCA return via the Fillable PDF Form are strongly encouraged to use the updated version to ensure a smoother filing experience.

24 April 2020 Update: IRAS will release the updated FATCA Fillable PDF Form on 6 May 2020 instead of 29 April 2020. Reporting SGFIs are reminded to prepare the relevant information required to be provided to IRAS as early as possible. This is to avoid unexpected delays due to submission errors.
20 April 2020 New IRAS FAQs on FATCA Filing Process via myTax Portal are available here (PDF, 296KB)
20 April 2020
New and updated IRAS FAQs on provision of FATCA Registration Information to IRAS: FAQ Q2 updated; FAQs Q6 and Q7 added

Past updates can be found here.


Extension of FATCA Filing Deadline

Consistent with the announcement by the United States Internal Revenue Service and in light of the COVID-19 situation, IRAS is automatically extending the FATCA filing deadline for Reporting Year 2019 to 31 Aug 2020. We encourage Reporting SGFIs to submit their FATCA return(s) by 15 Aug 2020 to allow sufficient time to resolve any unexpected issues.


Reporting SGFIs that can file their FATCA return(s) earlier by 31 May 2020 should continue to do so.  

Original Filing Deadline Extended Filing DeadlineNEW
31 May 2020 31 Aug 2020


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 Model 1 IGA. This reciprocal FATCA Model 1 IGA will supersede the IGA signed on 9 December 2014 when it enters into force on 1 January 2021. The reciprocal FATCA Model 1 IGA does not affect SGFIs' obligations under the IGA signed on 9 December 2014. A copy of the reciprocal FATCA Model 1 IGA, as corrected by agreement between Singapore and the US on 27 November 2019, is available here (PDF, 436KB)



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

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). You can access the FATCA Regulations via the link below:

The FATCA Regulations 2020 implements the reciprocal FATCA Model 1 IGA, as corrected by agreement between Singapore and the US on 27 November 2019. The FATCA Regulations 2020 will come into operation on 1 January 2021. You can access the FATCA Regulations 2020 via the link below:

Guidance and Clarification Note

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 FATCA Fillable PDF form is available here (PDF, 424KB) Updated on 12 Aug 2020

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 From 1 April 2020 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 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 via myTax Portal (PDF, 296KB) 

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


Subscribe to IRAS eAlerts
You can subscribe to IRAS eAlerts so that you will be informed when there are updates to the IRAS FATCA webpage.