Public Consultation on Proposed Regulations to Help Financial - TopicsExpress

Public Consultation on Proposed Regulations to Help Financial Institutions Comply with US FATCA The Ministry of Finance (MOF), Monetary Authority of Singapore (MAS) and the Inland Revenue Authority of Singapore (IRAS) 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 regularly submit information on financial accounts held by US persons to the US Internal Revenue Service, or face a 30% withholding tax on certain gross payments received from the US. More Information: bit.ly/1zl2gCl

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