Singapore Tax Agency Updates Supplementary Guide, FAQs on FATCA, XML Schema, Filing Procedure

April 16, 2021, 5:00 AM

The Singaporean Inland Revenue Authority April 13 updated supplementary guidance and FAQs on the U.S. Foreign Account Tax Compliance Act (FATCA) XML schema and filing procedure. The updates include: 1) additional guidance for individuals and entities to report information; 2) a clarification on the obligation of Singapore-based financial institutions (SGFIs) to report a pre-existing U.S. account without obtaining the U.S. taxpayer identification number (TIN); 3) a clarification on the expiration of transition relief from tax year 2020 onward, and whether the SGFIs are required to close or withhold on the U.S. account; and 4) the May 31 deadline for the...

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