Sunnic::FAQ
The following chart illustrate how Sunnic E-Trust IDES tool can help you in the FATCA report submission procedure. Sunnic E-Trust IDES tool provides solutions to step 1, step 5 and step 6.

FATCA is a US law which requires all financial institutions (FIs) outside of the US (also known as Foreign Financial Institutions, or FFIs) to regularly submit information on financial accounts held by US persons to the US Internal Revenue Service (US IRS). The US’ intent of FATCA is to deter and detect US tax evasion through the use of foreign financial accounts. Failure to comply with the reporting obligations under FATCA will result in the US Government imposing a 30% withholding tax on certain gross payments made from the US to non-compliant FFIs.

A Singapore-based FI (SGFI), for the purpose of FATCA, is a FI which is: (a) Tax resident in or organised under the laws of Singapore, but excluding any branch of such FI that is located outside Singapore; or (b) Any branch of a FI not tax resident in or organised under the laws of Singapore, if such branch is located in Singapore.

Sunnic has been coordinating with various Tax Authorities and Financial Institutions to ensure that the E-Trust IDES tool is suitable for countries under Intergovernmental Agreement (IGA) Model 1 and Model 2 arrangement.

A digital certificate is a trusted instrument that is attached to an electronic message for the recipient to verify that the sending entity is truly who it claims to be. Prior to the sending the message, the sending entity will apply for a digital certificate with a Certificate Authority (CA). The CA will issue a digital certificate to the sending entity after an identity proofing process to verify the entity. The digital certificate contains sending entity’s public key, digital signature and other identity information. With this information, the recipient can verify the authenticity of the message that it has received from the sending entity and provide an encrypted reply to the sending entity if required.

Yes. You can register on https://shop.sunnic-sec.com, and request for a trial. On successful registration, you will receive a trial license from SUNNIC support team.

You can import your ready XML into SUNNIC E-Trust IDES tool, and the tool will do the rest to generate a ready-to-submit file.

The following chart illustrate how Sunnic E-Trust IDES tool can help you in the FATCA report submission procedure. Sunnic E-Trust IDES tool provides solutions to step 1, step 5 and step 6.

E-Trust IDES tool provides various ways for Financial Institutions (FIs) to fill up client data and allow them to create and manage the forms/reports for submission. It can take the input from forms or ready XML document, and transform(sign, compress, encrypt and pack) the data into a FATCA-compliant package. The output is a validated, ready-to-submit zip-file. Besides, E-Trust IDES tool package also includs a digital certificate under your FI domain name, which is an essential for report submission to IDES website.

Sunnic has been coordinating with various Tax Authorities and Financial Institutions to ensure that the E-Trust IDES tool is suitable for countries under Intergovernmental Agreement (IGA) Model 1 and Model 2 arrangement.

Yes. You can register on https://shop.sunnic-sec.com, and request for a trial. On successful registration, you will receive a trial license from SUNNIC support team.

You can import your ready XML into SUNNIC E-Trust IDES tool, and the tool will do the rest to generate a ready-to-submit file.

Only form 8966 is required to submit for IGA mode 1 and mode 2. If you want to support for other forms, please contact our support at support@sunnic-sec.com .

A digital certificate is a trusted instrument that is attached to an electronic message for the recipient to verify that the sending entity is truly who it claims to be. Prior to the sending the message, the sending entity will apply for a digital certificate with a Certificate Authority (CA). The CA will issue a digital certificate to the sending entity after an identity proofing process to verify the entity. The digital certificate contains sending entity’s public key, digital signature and other identity information. With this information, the recipient can verify the authenticity of the message that it has received from the sending entity and provide an encrypted reply to the sending entity if required.

IDES will only accept digital certificates issued by an US IRS-approved CA. Certificate Authority (CA) Required Certificate DigiCert SSL Plus GlobalSign Organization SSL StartCom Start SSL EV Symantic/Verisign Secure Site SSL Entrust Standard SSL IdenTrust Trust ID Server (SSL) Thawte SSL Web Server SUNNIC E-trust IDES Tool will includes a digital ceriticate by GlobalSign.

FATCA is a US law which requires all financial institutions (FIs) outside of the US (also known as Foreign Financial Institutions, or FFIs) to regularly submit information on financial accounts held by US persons to the US Internal Revenue Service (US IRS). The US’ intent of FATCA is to deter and detect US tax evasion through the use of foreign financial accounts. Failure to comply with the reporting obligations under FATCA will result in the US Government imposing a 30% withholding tax on certain gross payments made from the US to non-compliant FFIs.

A Singapore-based FI (SGFI), for the purpose of FATCA, is a FI which is: (a) Tax resident in or organised under the laws of Singapore, but excluding any branch of such FI that is located outside Singapore; or (b) Any branch of a FI not tax resident in or organised under the laws of Singapore, if such branch is located in Singapore.

SGFIs will need to perform due diligence checks to identify financial accounts held by US persons. Thereafter, the SGFIs will need to transmit information pertaining to such accounts to IRAS, which will in turn transmit the information to the US IRS.

A Reporting SGFI with no US Reportable Accounts is required to send a nil return to IRAS. FIs must do so by submitting either a Nil Return XML file through the IDES or a paper nil return to IRAS. IRAS will post a copy of the paper nil return for Reporting SGFI’s use on its FATCA webpage at a later date.