FATCA LAW in Singapore

1. FATCA LAW in Singapore

2. There is a dearth of information you can find about FATCA in the online space. However, trusting the source of information for FATCA law in Singapore available on different websites is not reliable. • On different sites, you will find different kind of information which can mislead you and enable you for hefty fines. If you’re an expat, you need to seek the accurate information released directly by the federal government to count on. • Here’s is the accurate information about the provision of FATCA in Singapore that may help you stay compliant with the FATCA reporting standards. Read on to learn everything related to FATCA.

3. What is FATCA and Why Does It Launch? • FATCA was introduced as a part of the HIRE Act in 2010. The law of FATCA was specifically designed to reduce offshore and international tax evasion from the roots. To date, the IRS has successfully recovered billions of dollars in taxes due to the FATCA. • Under the FATCA law, foreign developed countries like Singapore enter into agreements called Intergovernmental Agreement with the US federal government to share the US taxpayer information either to the US government or the IRS. • Based on the law, it is a must for expats to stay FATCA compliance in Singapore with the IRS. However, if failed to do so the IRS will have the authorities to impose hefty fines and penalties. In addition, the IRS may also impose or seize both your US and foreign property.

4. Who will be held liable under the FATCA law in Singapore? Singapore is one of the FATCA reporting countries as mentioned above. Due to the Intergovernmental Agreement, Singapore is actively reporting the account details of an individual, particularly a ‘US resident’ who has a foreign account in Singapore. The term US resident applies to the one who meets any of the following categories: • US citizen • Permanent resident • Green card holder • Non-resident or US resident who is Green-card holder and also qualifies for the substantial presence test • US citizen but living outside the US as an expat

5. How You Will Be Reported For FATCA And How You Can Support Your FATCA Filing Statement? • If you have a foreign account and fall on any of the above-mentioned criteria to stand as a US resident, you will receive a formal letter of FATCA by banks in Singapore, insurance companies, investment firms, or CPF funds. • This form will ask you to answer under penalty of perjury as to whether you’re a US taxpayer. If you’re, then you will be required to file a W-9 form to support your statement. However, before submitting the form you must consult with a FATCA law expert to help you file under the streamlined filing procedures as prescribed by the IRS. Source:- https://buzztum.com/what-are-the-updated-information-about-fatca-law-in-singapore/

6. Contact Us • Address:- #25-00, Samsung Hub, 3 Church St, Singapore 049483 • Phone No: +65 9720 1040 • Email Us: Help@AdvancedAmericanTax.com • Web: http://www.advancedamericantax.com/