We previously posted "FATCA: Updates for Hong Kong, Philippines, New Zealand and Singapore"
where we discussed FATCA Updates for Asia and Singapore's media release last May 14th, where it indicated its intent to enter into an intergovernmental agreement (IGA) with the U.S.
The US is coming close to sealing a Foreign Account Tax Compliance Act (FATCA) deal with Singapore following a meeting with the country's Deputy Prime Minister Tharman Shanmugaratnam. The bilateral discussions for the inter-governmental agreement are reported to be moving forward smoothly.
The deal would help to clamp down on US citizens avoiding tax through keeping finances in Singapore.