Singapore in talks with US on FATCA
Singapore in talks with US on FATCA
FB
The Monetary Agency of Singapore, the city state’s central bank together with the Finance Ministry, announced Friday that the government is talking with the US Department of the Treasury to conclude an inter-governmental agreement on the US Foreign Account Tax Compliance Act FATCA.
According to the press release, a private sector advisory panel will be formed to provide industry inputs to the talks.
The FATCA is known as the US initiative to cracking down on tax evasion by their taxpayers who put assets in offshore accounts, requiring reports from foreign financial institutions that hold accounts for US residents.
Earlier this year, the co-founder of Facebook NASDAQ:FB, Eduardo Saverin, controversially gave up his US citizenship and decided to live in Singapore. Some critics thought he was aiming at avoiding taxes from the US government.
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The 30-anni gentleman is said to be ranked # 8 with total net worth of US$2.2-B among the Singapore’s 40 richest tycoons, according to the latest Forbes report.
The MAS said the talk with the US government on the FATCA issue is “in line with Singapore’s role as a responsible tax jurisdiction and our commitment to safeguard our financial system from being used to harbour illegal proceeds.”
The MAS also added that they have no timetable for when will the intergovernmental agreement be inked.
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