Singapore to implement Fatca after agreeing IGA

Singapore agrees to sign up to Model 1 intergovernmental agreement to implement Fatca


The Monetary Authority of Singapore's (MAS) decision to sign up to an intergovernmental agreement (IGA) with the United States before the end of the year will make it possible for financial institutions in Singapore to comply with the Foreign Account Tax Compliance Act (Fatca).

Fatca, which comes into effect from January 2014, requires all financial institutions outside of the US to pass information about financial accounts held by US persons to the US Internal Revenue Service (IRS) on a regular

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