US Singapore Tax Treaty: IRS Summary of US Singapore Tax Treaty
As of 2019, the United States and Singapore have not entered into a bilateral tax treaty. This is despite the fact that Singapore is a hub for international business, and many U.S. persons have investments in Singapore. Even though the U.S. and Singapore have not entered into a tax treaty, Singapore has entered into double taxation treaty agreement with many countries. We will summarize how the IRS treaty income from Singapore.
We have a separate article summarizing U.S. tax treatment of a CPF.
Contents
Singapore Tax Treaties
If you are a Singaporean resident or citizen with investments in other countries, you should check the with Singapore to determine your potential tax liabilities, exceptions and exclusion.
The IRAS (Inland Revenue Authority in Singapore) provides the following summary:
Purpose of DTAs
Singapore Tax Residents
Tax Resident of our Treaty Partners
Singapore and U.S. Tax
Even though the U.S. and Singapore do not have a bilateral tax treaty in place, if a U.S person (Citizen, Legal Permanent Resident or Foreign who meets the Substantial Presence Test) with Singapore assets and/or income may have to report to the IRS.
The U.S. follows a worldwide income tax model. That means that U.S. persons are taxed on their worldwide income. Even if the income is earned or sourced from Singapore, it is taxable in the U.S. – unless a limitation, exception or exclusion applies.
A person may qualify for the Foreign Earned Income Exclusion or Foreign Tax Credit.
Singapore Account and Asset Reporting
For U.S. persons with Singapore assets, investments, accounts and/or income, they may also have a reporting requirement.
Some common Examples of Singapore reporting include:
- Singapore Bank Accounts
- Singapore Investment Accounts
- Singapore Stock and Securities
- Singapore Pension and Retirement Accounts
- Singapore Assets
- Singapore Life Insurance
Some common Examples of common reporting forms, include:
- FBAR (FinCEN Form 114): Foreign Bank & Financial Accounts
- FATCA (Form 8938): Specified Foreign Financial Assets
- Form 3520: Foreign Gift, Trust or Inheritance
- Form 3520-A: Foreign Trust
- Form 5471: Foreign Corporation
- Form 5472: Foreign Owner of U.S. Corporation
- Form 8621: Passive Foreign Investment Companies
- Form 8865: Foreign Partnership
Golding & Golding: About Our International Tax Law Firm
Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure.
Contact our firm today for assistance.