Singapore: FATCA and CRS return filing due 31 May 2023
Reporting Singaporean financial institutions are encouraged to submit FATCA and CRS returns early
FATCA and CRS return filing due 31 May 2023
The Inland Revenue Authority of Singapore (IRAS) on 27 April 2023, announced that all reporting Singaporean financial institutions need to submit their FATCA and common reporting standard (CRS) return(s) for calendar year 2022 by 31 May 2023.
Additionally, the IRAS encouraged reporting Singaporean financial institutions to submit FATCA and CRS returns early to provide sufficient time for resolution of any unexpected issues. Reporting Singaporean financial institutions that do not submit returns on time may be subject to stringent enforcement actions, including a penalty of up to $5,000*, for late or non-filing of FATCA and CRS returns.
Read a May 2023 report [PDF 404 KB] prepared by the KPMG member firm in Singapore
*$=Singapore dollar
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