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).
If you have questions on how to determine your jurisdiction of tax residence, you can:
- Refer to the Rules Governing Tax Residence published by the different jurisdictions for information on the respective jurisdiction's tax residency rules;
- Check with the tax authority of the jurisdiction which you think you may be a tax resident. (e.g. If you have stayed in Country A for more than 6 months, you can seek a confirmation from the tax authority of Country A on whether you are regarded as its tax resident for the tax year); or
- Consult a tax advisor.
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