18 Mar 2015

The Singapore-US Foreign Account Tax Compliance Act (FATCA) Model 1 Intergovernmental Agreement (IGA) and Regulations entered into force on 18 March 2015. A copy of the agreement and Regulations can be found on IRAS's website.

FATCA is a US law which targets non-compliance with tax laws by US persons using overseas accounts. Under FATCA, all financial institutions (FIs) outside of the US are required to regularly submit information on financial accounts held by US persons to the US Internal Revenue Service (IRS). The Singapore-US IGA facilitates Singapore-based FIs’ compliance with FATCA, by allowing them to fulfil their reporting obligations through the Inland Revenue Authority of Singapore instead of reporting directly to the US Internal Revenue Service.

For more information on the US-Singapore IGA and Regulations, please refer to previous press releases 1. If you have any FATCA queries, please email [email protected].

Ministry of Finance

The FATCA 9 December 2014 press release can be found here.
The FATCA 22 September 2014 press release on our proposed regulations and E-Tax Guide can be found here.