1. The reciprocal Foreign Account Tax Compliance Act Model 1 Intergovernmental Agreement (reciprocal FATCA IGA) between Singapore and the United States of America, signed on 13 November 2018, will enter into force on 1 January 2021.

2. The reciprocal IGA provides for the automatic exchange of information with respect to financial accounts under the US’ Foreign Account Tax Compliance Act. This new reciprocal IGA will supersede the current non‑reciprocal IGA when it enters into force. This does not affect Reporting Singaporean Financial Institutions’ obligations under the current IGA.

3. The full text of the reciprocal FATCA IGA is available on the Inland Revenue Authority of Singapore’s website.

Ministry of Finance