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FAQ on FATCA Compliance Singapore

Get the Crucial FAQ on FATCA Compliance in Singapore to understand the FATCA Tax Laws, FATCA documents and forms to fill the tax return on time. Our legal tax advisor help you to file the tax return according to nation law. @ http://advancedamericantax.com/fatca-tax-law-banks-singapore/

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FAQ on FATCA Compliance Singapore

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  1. FAQ On FATCA Compliance Singapore Visit us:- http://advancedamericantax.com/fatca-tax-law-banks-singapore/

  2. Q. What is FATCA? • The Foreign Account Tax Compliance Act (FATCA) is a US federal law which is purposely introduced to combat the tax evasion of US taxpayers. • FATCA intended to promote the cross-border tax compliance by implementing an international standard for the exchange of information by the FIIs (Foreign Financial Institutions) to obtain the detailed account information and tax status of US taxpayers. Visit us:- http://advancedamericantax.com/fatca-tax-law-banks-singapore/

  3. Q. Is FATCA mandatory? • Yes, FATCA declaration is mandatory to all those US taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report detailed information about those assets as well as the tax status on Form 8938, which must be attached to the taxpayer’s annual income tax return. Visit us:- http://advancedamericantax.com/fatca-tax-law-banks-singapore/

  4. Q. What is the purpose of FATCA law in Singapore? • FATCA came into the existence to reduce tax evasion and increase the transparency for the Internal Revenue Service (IRS) with respect to US persons that may be investing and earning income through non-US institutions. • Whereas the primary aim of FATCA law Singapore is to gain detailed information about US persons, it also imposes tax withholding where the applicable documentation and reporting requirements are not met. Visit us:- http://advancedamericantax.com/fatca-tax-law-banks-singapore/

  5. Q. Who is liable to file FATCA? • U.S. citizens, or residents, and some qualified nonresident individuals who hold certain foreign financial accounts or other offshore assets (specified foreign financial assets) outside the US must report the detailed of those assets. Visit us:- http://advancedamericantax.com/fatca-tax-law-banks-singapore/

  6. What are the withholding requirements under FATCA compliance in Singapore? • In general, FATCA withholdings break into two significant categories, namely foreign financial institutions (FFI) or a non-financial foreign entity (NFFE). • In addition, as per the FATCA regulations in Singapore FFI need to withhold 30% on payment it makes to the recalcitrant account holder, as well as to the payment it makes to another FFI unless it meets certain requirements. Visit us:- http://advancedamericantax.com/fatca-tax-law-banks-singapore/

  7. Q. What does FATCA means for you if you’re a US person? • If you are categorized under US persons, you may be required to provide essential information and documentation to the FATCA representatives with compliance to FATCA in Singapore. • You can visit the official website of the IRS to determine if you need to submit any additional IRS forms or other documentation. Visit us:- http://advancedamericantax.com/fatca-tax-law-banks-singapore/

  8. Q. What kinds of information or documents I need to provide for compliance with FATCA Singapore? • You need to provide details of the information and documentation that FATCA authority may need in order for compliance with FATCA banks in Singapore purposes. • However, documents may include US tax forms (including withholding certificates or W forms) or self-declaration of FATCA compliant status. Visit us:- http://advancedamericantax.com/fatca-tax-law-banks-singapore/

  9. Q. What will FATCA do If you fail to provide the information required under the law of FATCA in Singapore? • If in case, you do not provide the information/documents, you can’t be able to open new accounts or offer additional products or services to customers who choose not to comply with the FATCA requests for submitting documentation to establish a customer’s status under FATCA law in Singapore. • Therefore for appropriate and legal compliance with FATCA law in Singapore, you need to get the assistance of our FATCA law experts. Visit us:- http://advancedamericantax.com/fatca-tax-law-banks-singapore/

  10. Contact Us • Address:- #25-00, Samsung Hub, 3 Church St, Singapore 049483 • Phone No: +65 9720 1040 • EmailUs: Help@AdvancedAmericanTax.com

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