Singapore recently increased the penalties for both FATCA and Common Reporting Standard (CRS) non-registration and non-filing offenses. As of November 16, 2021, the penalties are SGD$5000 (approximately US$3647) upon conviction, and a further fine of SGD$100 (approximately US$73) per day for a continuing offense. FI Obligations Singapore Financial Institutions (FIs) have the following obligations under FATCA and CRS: Register for FATCA and CRS with IRAS. Perform FATCA and CRS

As promised in July, Singapore provided details regarding changes to FATCA reporting requirements. The changes take effect as of April 1, 2020. End of IDES Despite being a Model 1 IGA jurisdiction, Singapore has required Reporting Singapore Financial Institutions (SGFIs) to submit electronic FATCA reporting through the U.S. Internal Revenue Service’s (IRS) International Data Exchange System (“IDES”). Effective April 1, 2020, all Reporting SGFIs must submit all electronic FA

Singapore released its FATCA reporting nil paper form yesterday. The Inland Revenue Authority of Singapore (IRAS) requires nil reporting under FATCA. IRAS does not provide an online service or separate portal for manual input and reporting of FATCA data. Nil reporting can be accomplished through a paper form rather than through a complex electronic reporting process. 3301 Singapore Financial Institutions (FIs) have received Global Intermediary Identification Numbers (GIINs)

The Singapore tax authority (Inland Revenue Authority of Singapore (IRAS)) announced that it has updated the services available in its AEOI e-services portal. Among other updates, it is now possible for Singapore Financial Institutions (FIs) to authorize their staff or third parties as users in the Singapore portal. However, the Singapore FI may not authorize a third party who is not domiciled in Singapore to submit a CRS return on behalf of the Singapore FI. The deadline to

The Inland Revenue Authority of Singapore (IRAS) issued a reminder to financial institutions that an entity that is or becomes a Reporting Singapore-based Financial Institution (SGFI) at any time between January 1, 2017 and December 31, 2017 must apply for Singapore Common Reporting Standard (CRS) registration by March 31, 2018. IRAS also announced limitations on third-party reporting services and sub-fund FATCA deregistration requirements. Service Provider Limitations A Repo

Singapore released its FATCA reporting nil paper form today. The Inland Revenue Authority of Singapore (IRAS) requires nil reporting under FATCA. Nil reporting can be accomplished through a paper form rather than through a complex electronic reporting process. US Reportable Accounts and Nil Reporting Under the IRAS FATCA Regulations, a Reporting FI is required to submit an annual return to IRAS setting out the required information in relation to (1) every US Reportable Accou