The Foreign Account Tax Compliance Act (FATCA) was enacted by the United States (US) Congress in March 2010 to target non-compliance with US tax laws by US persons using foreign accounts. FATCA requires all financial institutions (FIs) outside the US to periodically transmit information about financial accounts held by US persons to the US Internal Revenue Service (US IRS).  FIs that fail to comply will face a 30% FATCA-related withholding tax on certain payments made from the US.

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Source: IRAS