Singapore seeks to explore 15% METR
Singapore is looking to update its corporate tax system to account for global tax developments relating to BEPS 2.0.
Singapore and the US have signed a Model 1 Intergovernmental Agreement (IGA) to ease the FATCA compliance burden of Singapore-based FIs (SGFIs).
Under this agreement, SGFIs benefit from simplified compliance procedures in reporting the account information of US persons to the Inland Revenue Authority of Singapore (IRAS). IRAS will subsequently provide the information to the US IRS.
FATCA imposes a 30% withholding tax on any "withholdable payment" made to, among others, a Foreign Financial Institution (FFI) including a SGFI. To avoid the withholding tax the SGFI must comply with the customer identification, reporting, and related requirements.
You are required to register for FATCA (“Reporting SGFI”) if:
that is a:
unless your organisation falls within certain exemptions.
The deadline for information reporting to IRAS is 31 May annually.
Reporting SGFIs may face enforcement actions, including penalty of up to S$10,000.
Our network of Mazars professionals can assist in reviewing your business activities to assess how FATCA regulations will impact your organisations and assist you with compliance, customer identification documentation and reporting requirements.
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