Singapore: Updated record level error codes for FATCA and CRS
IRAS updated documents to revise FATCA and CRS record level error codes
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October 17, 2024
The Inland Revenue Authority of Singapore (IRAS) on October 8, 2024, released an updated version of its “FATCA File and Record Level Validations” and “CRS File and Record Level Validations” documents, revising several record level error codes.
FATCA document updates
- A directive requires reporting financial institutions to submit a “Return with New Data” for records flagged with error codes 8021, 8023, and 8024, as these have not been processed by the U.S. tax agency (IRS).
- The resolution for Error Code 8008 now requires reporting financial institutions to verify if an Account Report has been previously accepted by IRAS; if so, duplicates will be disregarded.
- Error Code 8009 has been removed, and a new note for Error Code 8021 emphasizes the need for records to be resubmitted with valid, unique DocRefIDs.
- New Error Code 8023 addresses multiple records attempting to amend, correct, or void a single record, instructing reporting financial institutions to resubmit with correct CorrMessageRefIDs and CorrDocRefIDs.
- New Error Code 8024 highlights issues with CorrDocRefIDs referring to invalid DocRefIDs, advising reporting financial institutions to confirm corrections are made with valid identifiers.
Common reporting standard (CRS) document updates
- Error Code 60005 has been revised to note that the controlling person must be omitted if the Account Holder is an individual or if the Account Holder Type is not “CRS101.”
- Error Code 60006 has been revised to require the controlling person when the Account Holder Type is “CRS101.”
Read an October 2024 report prepared by the KPMG member firm in Singapore