Foreign Account Tax Compliance Act (FATCA) was introduced as a part of the HIRE Act 2010 with a purpose to prevent tax evasion by US citizens with the use of offshore accounts. The regulatory act requires foreign financial institutions (FFIs) to provide transparent and up-to-date information to the IRS, directly or via local tax authority, on accounts held by the US citizens or entities. For FATCA compliance in Singapore, one needs to have a detailed understanding of its regulations and penalties imposed by the authorities.
You may know that FATCA requires foreign financial institutions to provide information, but do you know, despite this, it also requires non-financial foreign entities (NFFEs) to unfold the identities of their US owners to the IRS? Are you aware of the fact that the FATCA law in Singapore imposes a strict penalty of 30% withholding tax on payments made to non-participating FFIs, who refuse to share the information with the IRS? The guidance of the right FATCA tax expert will help you comply with FATCA compliance.
Tax expert’s excellence in compliance with FATCA tax Singapore has always been on the priority of tracking development introduced in FATCA legislation. Their expertise and sound knowledge of FATCA compliance in Singapore empower the taxpayers to effectively and legally cope up with FATCA regulations, effectively. These FATAC law experts in Singapore encompasses the following initiatives:
Furthermore, FATCA professionals provide a flexible framework for FATCA in Singapore as well as CRS enables financial institutions to comply with updated data consistency whilst strengthening audit capability.
Whatever the FATCA challenges or complications you are facing, it is the sound knowledge of tax professionals that may help you comply with FATCA requirements effectively.
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