The Inland Revenue Authority of Singapore issued an updated version of the FATCA FAQs and IRAS supplementary XML user guide.
The Inland Revenue Authority of Singapore (IRAS) on December 19, 2024, issued an updated version of the FATCA “frequently asked questions” (FAQs) and IRAS supplementary XML user guide.
The updates follow the issuance of U.S. tax authority’s (IRS) Notice 2024-78, which further extends the temporary relief provided in Notice 2023-11 for reporting Singapore financial institutions unable to obtain and report U.S. tax identification numbers (TINs) of U.S. persons of pre-existing U.S. reportable accounts for reporting years 2025, 2026, and 2027. Read TaxNewsFlash
The FAQs have been updated to include a new question B.9 that provides information for reporting the TIN data for pre-existing U.S. reportable accounts for reporting years 2025, 2026, and 2027. Notice 2024-78 states that a reporting Model 1 foreign financial institution (FFI) will not be deemed significantly non-compliant with FATCA obligations if it fails to report the required U.S. TIN for preexisting accounts, provided it follows the procedures outlined in the notice and in question B.8.
The supplementary XML user guide was updated to add a new section 7.8, which notes that for reporting years 2025 (due by May 31, 2026), 2026 (due by May 31, 2027) and 2027 (due by May 31, 2028), the Reporting Singapore financial institutions who have been unable to obtain U.S. TINs for their preexisting U.S. reportable accounts, can continue to use the TIN codes specified in paragraph 7.7 of the guide, provided the criteria outlined in sections 3.02 and 3.03 of the U.S. IRS Notice 2024- 78 are met.
Read a January 2025 report prepared by the KPMG member firm in Singapore