On 10 July 2019, the Inland Revenue Authority of Singapore (IRAS) issued an announcement that, with effect from 1 April 2020, the IRAS will no longer accept FATCA (Foreign Account Tax Compliance Act) notifications submitted via the International Data Exchange System (“IDES”).
The requirement is applicable to all submissions of new, nil, amended, corrected or void FATCA returns, including returns relating to Reporting Years 2018 and earlier. These changes will streamline Reporting SGFIs’ FATCA reporting process. More information on the FATCA reporting requirements via the “Submit CRS or FATCA Return” e-Service will be released by end-September 2019.
