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Course Description

Foreign Account Tax Compliance Act (FATCA) is an international standard to gather and exchange financial account information related primarily to US taxpayers.


Foreign 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).

Key concepts covered include:

  • Overview of FATCA
  • Entities Impacted by FATCA
  • Foreign Financial Institutions and Non-Foreign Financial Entities
  • FATCA Compliance by U.S. Taxpayers
  • FATCA Compliance by Foreign Financial Institutions
  • Model 1 Intergovernmental Agreements
  • Model 2 Intergovernmental Agreements
  • FFI Agreements
  • U.S. Accounts
  • Reporting by Foreign Financial Institutions
  • Compliance Challenges