We are required to collect and report certain information about an account holder’s tax residency to comply with the Singapore Income Tax Act (Chapter 134) and related regulations including Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2015 (“FATCA”) and Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulation 2016 (“CRS”).
If you are a tax resident in a country with which Singapore has signed an agreement to exchange financial account information, we must disclose relevant financial account information of account holders to the Inland Revenue Authority of Singapore (IRAS) under the CRS. IRAS would, in turn, exchange the information with the tax authorities of the participating jurisdictions where account holders are tax residents.
Similarly, we are required to document that an account holder is the beneficial owner of the income and is not a U.S. person (via W-8BEN for individuals) to IRAS under the FATCA. IRAS would, in turn, transmit the information to the U.S. Internal Revenue Service.