Singapore legislation
Regulation 10
of Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2020
Regulation 10
Reporting obligation
Subregulation 1
A reporting Singaporean financial institution must, in respect of 2021 and every following calendar year, prepare and provide to the Comptroller, or a person authorised by the Comptroller under section 105L of the Act, a return setting out the required information in relation to every U.S. reportable account that is maintained by the institution at any time during the calendar year in question.
Subregulation 2
The required information is all the information in relation to the U.S. reportable account that the Government is required to obtain to fulfil its obligations under the Agreement with respect to that calendar year, as described in Articles 2 and 3 of the Agreement.
Subregulation 3
If, during the calendar year in question, the reporting Singaporean financial institution maintains no U.S. reportable accounts, the return must state that fact.
Subregulation 4
The reporting Singaporean financial institution must send a return under this regulation to the Comptroller or a person authorised by the Comptroller under section 105L of the Act, on or before 31 May of the year following the calendar year to which the return relates, or such further time as the Comptroller may permit.
Subregulation 5
The return must be furnished in the format described on the Internet website at https://www.iras.gov.sg.
Subregulation 6
An investment entity mentioned in regulation 7(1)(e) need not comply with paragraph (1) in relation to a U.S. reportable account that is maintained for units in a collective investment scheme that are listed for quotation on an approved exchange, if the approved exchange itself complies with that paragraph in relation to that account.
Subregulation 7
The investment entity mentioned in paragraph (6) is considered as not maintaining the account mentioned in that paragraph for the purposes of paragraph (3), and must accordingly, if it maintains no other U.S. reportable account, state in its return that it maintains no U.S. reportable account.
Subregulation 8
A requirement under any of the following:
paragraph (1) (read with paragraphs (4) and (5));
paragraph (3) (read with paragraphs (4) and (5));
paragraph (7) (read with paragraphs (4) and (5)),is a requirement under section 105M(1)(b) of the Act, the failure or neglect to comply with which (if such failure or neglect is without reasonable excuse) is an offence under section 105M(1) of the Act.