Fatca Tax | Fatca Law | Fatca Banks | Singapore | Federal Tax

Fatca Tax Singapore is a US law designed to prevent tax evasion by US citizens using offshore banking facilities. Fatca Tax Singapore creates a new tax information and reporting and withholding government and designed to advance information about US persons rather than to raise revenue. Fatca Tax Singapore is a controversial piece of legislation because it is wide-ranging and applies to non-US financial institutions. Fatca Tax Singapore is extremely complex and this guide provides only a general introduction. Fatca Tax Singapore imposes a withholding tax on payments of US source income made to non-US financial institutions unless they enter into an agreement with the US Internal Revenue Service (IRS) and disclose information about their US account holders. Fatca Tax Singapore presents a number of problems for UK financial institutions because the information disclosure requirements under FATCA are not necessarily permitted under data protection, confidentiality and bank secrecy laws. Fatca Tax Singapore also imposes withholding obligations when US source income is paid to certain non-financial foreign entities (NFFEs) but this aspect is not considered in this guide.