• Singapore - United States
    FATCA Agreement Enters Into Force

    19-03-2015

    The Singapore - United States Foreign Account Tax Compliance Act (FATCA) Agreement entered into force on 18 March 2015.

    FATCA seeks to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial institutions to withhold a portion of certain payments made to Foreign Financial Institutions (FFIs) who do not agree to identify and report information on U.S. account holders. Governments have the option of permitting their FFIs to enter into agreements directly with the IRS to comply with FATCA under U.S. Treasury Regulations or to implement FATCA by entering into one of two alternative Model IGAs with the United States.

    More specifically, Singapore and the United States signed a Model 1 Agreement. Under this agreement, FFIs in Singapore will report the information required under FATCA about U.S. accounts to the Singapore Government, which in turn will report the information to the IRS. This agreement is reciprocal, meaning that the United States will also provide similar tax information to the Singapore Government regarding individuals and entities from Singapore with accounts in the United States.

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