FATCA

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FATCA Law & Tax Information in Singapore

The Foreign Account Tax Compliance Act, FATCA is not exactly a tax, but a framework to combat tax evasion related to US taxpayers. The regulations to FATCA compliance Singapore require tax authorities to obtain the detailed bank account information for taxpayers. The act solely intends to increase transparency for the IRS to make sure that US taxpayers pay the appropriate taxes on wealth held in accounts outside the country. However, in case of any default, FATCA law Singapore may impose a penalty on those who fail to comply.

The main objective of the act is to identify and prevent the ignorance of offshore tax by liable taxpayers. The provision of the act affects financial institutions, non-financial institutions, and individuals among others. Specifically, FATCA federal tax Singapore has included additional tax guidelines for both financial institutions (known as FFIs) based outside of the US as well as US persons with foreign financial assets.

Our team works with FFIs who have GIIN registration or FATCA Tax Singapore related reporting requirements. Because of the need to utilize the modern technology in extracting FFI client data, transforming it into the right XML format and reporting it accordingly.

We offer FFIs FATCA Banks Singapore reporting solutions from US$2, 000

We have worked with several US persons who now aware of their liabilities to the act of FATCA Singapore and file the Form 8938 as part of their annual tax filing.

Non–Financial Institutions based overseas are sometimes known as NFFEs or non-financial foreign entities. We work with NFFEs that have been given W-9s and W-8-Ben-Es to complete by their banks. Our experienced tax specialist team would be happy to assist you with the analysis of the entity needed to complete these forms

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