On or about 15 April 2019, the Inland Revenue Authority of Singapore (IRAS) has updated its website that the Foreign Account Tax Compliance Act (FATCA) Paper Nil Return for Reporting Year 2018 can now be downloaded from the IRAS’s website.
FATCA is a US law which requires all financial institutions (FIs) outside of the US (also known as Foreign Financial Institutions, or FFIs) to regularly submit information on financial accounts held by US persons to the US Internal Revenue Service (US IRS). The US’ intent of FATCA is to deter and detect US tax evasion through the use of foreign financial accounts. Failure to comply with the reporting obligations under FATCA will result in the US Government imposing a 30% withholding tax on certain gross payments made from the US to non-compliant FFIs. More information on FATCA can be found on the IRS FATCA webpage.
Source: IRAS, 18 April 2019