ASIA REGULATORY ROUND UP – SINGAPORE AGREES FATCA COMPLIANCE DEAL
June 8th, 2014
SINGAPORE and the United States have negotiated an agreement that will force Singaporean financial institutions to declare money held in the city state by American citizens and residents. The deal will help Singapore comply with the US Foreign Account Tax Compliance Act (FATCA), which says all financial institutions outside the USA must regularly submit such information to the US Internal Revenue Service (IRS).Under the Singapore deal, its financial institutions will report to the Inland Revenue Authority of Singapore (IRAS), which will pass data to the US IRS. ...
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