As published on tax-news.com, Monday 29th April, 2019.
The Inland Revenue Authority of Singapore is now accepting FATCA returns for the 2018 reporting year and has newly released the FATCA paper nil return for 2018.
All reporting Singapore financial institutions must submit a FATCA return to IRAS, setting out the required information in relation to every US reportable account that was maintained in the 2018 calendar year, by May 31, 2019.
IRAS said reporting financial institutions should endeavor to submit their FATCA return by May 15, 2019, to allow sufficient time, in case there are unexpected issues.
The nil return should be filed by those reporting institutions that did not maintain any US reportable accounts.