Key requirements
FATCA addresses US tax compliance through foreign financial accounts. Reporting SGFIs register, conduct due diligence and file to IRAS, which transmits the information to the US IRS. This differs from reporting directly to the IRS under a non-IGA route. The page describes a 30% FATCA withholding consequence on certain US payments for non-compliant institutions, not a general Singapore tax rate on all customer accounts. From 1 January 2027, XML returns, including past-year returns, must use FATCA schema 2.0.1 with updated country and currency codes. Prepare systems for that future date while following the applicable pre-change format.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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