Reciprocal FATCA IGA between Singapore and the US will enter into force on January 1, 2021

The Inland Revenue Service of Singapore (“IRAS”) informed in a media release today, that the reciprocal FATCA IGA signed between #Singapore and the #US in November 13, 2018 will enter into force on January 1, 2021.

In addition, the #IRAS released updates their CRS FAQs adding C.14 “Depository Accounts held by a payment service provider that provides e-money issuance and/or account issuance services under the Payment Services Act 2019” and D.7 “Controlling Persons: Equity Interest holders in the case of a trust that is a SGFI “while removed FAQ H.1.

1. The reciprocal Foreign Account Tax Compliance Act Model 1 Intergovernmental Agreement (reciprocal FATCA IGA) between Singapore and the United States of America, signed on 13 November 2018, will enter into force on 1 January 2021.
2. The reciprocal IGA provides for the automatic exchange of information with respect to financial accounts under the US’ Foreign Account Tax Compliance Act. This new reciprocal IGA will supersede the current non‑reciprocal IGA when it enters into force. This does not affect Reporting Singaporean Financial Institutions’ obligations under the current IGA.