New / Updated content (as at 8 October 2024) from the Inland Revenue Authority of Singapore (“IRAS”) with respect to Common Reporting Standard (“CRS”) and Foreign Account Tax Compliance Act (“FATCA”) File and Record Level Errors.
On the 8th of October 2024, the IRAS provided certain updates / resolutions to the various error codes that preparers usually encounter when preparing and submitting their financial institutions’ annual returns for CRS and FATCA purposes.
Preparers to take heed of the following resolutions and new updates:-
Common Reporting Standard (“CRS”)
Foreign Account Tax Compliance Act (“FATCA”)
- When a Reporting FI receives a notification from IRAS regarding a FATCA return with error(s) highlighted by partners, with the exceptions of error codes 8021, 8023 and 8024, the Reporting FI must submit a ‘Correction FATCA return’ to correct or void the erroneous record(s) contained in the specified FATCA return.
- When a Reporting FI receives a notification from IRAS regarding a FATCA return with error(s) 8021, 8023 and 8024 highlighted by the partners, the Reporting FI must submit a ‘Return with New Data’ for the erroneous record(s) contained in the specified FATCA return as these record(s) have not been processed by the US IRS.
View the full article in PDF here.
CONTACT US
Contact our Tax Advisory Specialists for a Discussion
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Edwin Leow Co-Advisory Leader Head of Tax edwinleow@sg.cla-ts.com |
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Shaun Zheng Director, Asset Management and Private Wealth Services Tax Lead shaunzheng@sg.cla-ts.com |
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Else Guo Manager, Private Wealth Tax Specialist elseguo@sg.cla-ts.com |
