IRS Rev. Proc.: Singapore Added to List of Countries with Automatic Exchange of Deposit Interest Information (IRC §6049)

IRS supplements list of countries with Singapore, for which United States has automatic exchange of deposit interest information as related to certain nonresident alien individuals, the IRS provided May 29. Revenue Procedure 2019-23 is superseded. With respect to jurisdictions in Section 3 of the revenue procedure, the guidance is effective for interest paid on or after January 1, 2021. For the other jurisdictions, the revenue procedure is effective for interest paid on or after January 1 of the calendar year following the issuance of the revenue procedure first identifying that jurisdiction. [Rev. Proc. 2020-15, 2020-23 I.R.B. 905 (June 1, ...