Singapore: Updated FATCA guidance and FAQs
Updates follow the issuance of IRS Notice 2023-11 and provide temporary relief for reporting Singapore financial institutions
Updates follow the issuance of IRS Notice 2023-11 and provide temporary relief for reporti
The Inland Revenue Authority of Singapore (IRAS) on 15 March 2023 issued an updated version of the FATCA “frequently asked questions” (FAQs) and “IRAS Supplementary XML User Guide for Preparing the FATCA Reporting Data File.” The updates follow the issuance of IRS Notice 2023-11 and provide temporary relief for reporting Singapore financial institutions unable to obtain and report U.S. taxpayer identification numbers (TINs) of pre-existing U.S. reportable accounts.
In accordance with the notice, the FAQs and supplementary guide have been updated to provide explanations for the new TIN codes released by the IRS.
To be eligible for relief, reporting Singapore financial institutions that maintain preexisting U.S. reportable accounts without a U.S. TIN must satisfy the conditions specified in Notice 2023-11—meaning they are required to use the relevant TIN codes for each U.S. account holder or controlling person whose U.S. TIN is unavailable when reporting these accounts to IRAS for reporting years 2022, 2023 and 2024.
- Calendar year 2022 (due by 31 May 2023) will be a transition year. Reporting Singapore financial institutions must use either the TIN codes issued per the FAQs or the 2023 updated codes to be eligible for the relief.
- For reporting calendar years 2023 (due by 31 May 2024) and 2024 (due by 31 May 2025), reporting Singapore financial institutions must use the updated TIN codes, as applicable for their accounts, explaining the inability of the reporting Singapore financial institutions to report a U.S. TIN. The use of the updated codes will allow the IRS to better understand the reason behind the missing U.S. TINs.
Read a March 2023 report [PDF 208 KB] prepared by the KPMG member firm in Singapore
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