Foreign Account Tax Compliance Act (FATCA)
Foreign Account Tax Compliance Act (FATCA) is an international standard to gather and exchange financial account information related primarily to US taxpayers.
OverviewForeign Account Tax Compliance Act (FATCA) is a regulatory requirement for tax authorities to obtain financial account information of US Persons. FATCA came into effect in Singapore from 9 December 2014.
Under FATCA, financial institutions in Singapore are to carry out reviewing procedures and disclose financial account information of account holders who are US Persons to the Inland Revenue Authority of Singapore (IRAS).
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