The Ministry of Finance (MOF), Inland Revenue Authority of Singapore (IRAS) and Monetary Authority of Singapore (MAS) today published its responses to public feedback on the draft Income Tax Regulations and E-Tax Guide relating to the implementation of the Singapore-US Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement (IGA).
A total of 567 suggestions were received from the public consultation exercise held from 22 September to 17 October 2014. They covered areas such as the information reporting obligations of trusts, the applicability of US Regulations, and the exemption of Supplementary Retirement Scheme Accounts (SRS) and SRS Investment Accounts.
208 suggestions that helped advance the policy objectives for implementing the Singapore-US FATCA IGA were accepted, and incorporated into the Regulations and E-Tax Guide. The remaining suggestions were not accepted as they were inconsistent with either Singapore’s policy on the implementation of the IGA or with the provisions of the IGA.
A summary of responses to the public consultation can be found in the Annex. MOF, IRAS and MAS would like to thank all respondents for their comments.