Reciprocal does not mean identical fields
Singapore sends US reportable account identifiers, balances and specified payments, including applicable custodial gross proceeds. The US sends Singapore-resident holder identifiers and specified interest, US-source dividends and other US-source income; its listed data are not an identical copy of Singapore’s balance-and-proceeds reporting. Exchange operates under the tax-information exchange agreement and confidentiality safeguards. Annex I covers Singapore due diligence and Annex II conditional excluded accounts and non-reporting categories.
Keep earlier years and domestic duties separate
The parties exchange within nine months after calendar year-end. Article 10 preserves the 2014 agreement for earlier-year information and continuing confidentiality obligations. Singapore institutions still classify entities and accounts, obtain relevant evidence, meet GIIN registration conditions and file with IRAS under Singapore deadlines. The reciprocal agreement is an exchange framework, not permission to submit account returns directly to the IRS or assume every foreign-resident account is reportable under FATCA.
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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