Singapore: Updated guidance on FATCA and CRS return
A new function in the “View CRS/FATCA Return Status” digital service on myTax Portal.
The Inland Revenue Authority of Singapore (IRAS) on October 18, 2024, announced that it introduced a new function in the “View CRS/FATCA Return Status” digital service on myTax Portal.
The new function allows reporting Singaporean financial institutions to download the list of error details for their submitted return that was accepted with error or rejected by IRAS. IRAS also issued an updated version of the “View CRS/FATCA Return Status Digital Service User Guide,” noting the detailed steps related to this new function.
In addition, IRAS noted that reporting Singaporean financial institutions that intend to submit their FATCA and common reporting standard (CRS) returns using fillable PDF forms must use the FATCA fillable PDF form version 2.0 and CRS fillable PDF form version 2.0 respectively with effect from October 16, 2024.
Reporting Singaporean financial institutions are also reminded that, beginning in calendar year 2027, all CRS returns in XML format, including past returns, must be formatted and submitted using the OECD CRS XML Schema v3.0.
Read an October 2024 report prepared by the KPMG member firm in Singapore