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On December 9, 2014, Singapore’s Inland Revenue Authority announced that Singapore and the United States had on that day entered into a Model 1 FATCA IGA.
On December 9, 2014, Singapore's Inland Revenue Authority
announced that Singapore and the United States had on that day
entered into a Model 1 FATCA IGA. This means that Singaporean
financial institutions will report information on certain U.S.
accounts to the Inland Revenue Authority, which will then send the
information to the IRS. The text of the IGA makes no reference to
the U.S. having any reciprocal obligations regarding Singaporean
accounts at U.S. financial institutions, but the Inland Revenue
Authority's press release alludes to future reciprocity:
"Singapore and the US have been discussing a reciprocal FATCA
arrangement, under which the U.S. would extend similar cooperation
to Singapore."
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