The Singaporean Ministry of Finance, Monetary Authority of Singapore and the Inland Revenue Authority of Singapore have proposed regulations to help financial

institutions in Singapore comply with the US Foreign Account Tax Compliance Act (FATCA).

FATCA requires all financial institutions outside of the US to submit information on financial accounts held by US persons to the US Internal Revenue Service on a

regular basis, or face a 30 per cent withholding tax on certain gross payments received from the US.

To ease the FATCA compliance of financial institutions based in Singapore, Singapore has substantially concluded a Model 1 Intergovernmental Agreement (IGA) with the
US.The IGA will be signed in the fourth quarter of 2014.

Public feedback is invited on:

• the draft Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2014, which sets out the due diligence and reporting
  obligations of Singapore-based financial institutions in relation to the FATCA IGA; and
• a draft FATCA e-Tax Guide, which provides further explanation of those obligations.

The deadline for comments is 17 October 2014.

A copy of the consultation is available.  http://bit.ly/1tZk19t