Clause 48

The Minister may by order declare any of the following as an international tax compliance agreement for the purposes of this Part:

the agreement reached between the Government and the Government of the United States of America to facilitate compliance by financial institutions and other persons in Singapore with the Foreign Account Tax Compliance Act of the United States of America (FATCA);

any agreement modifying or supplementing that agreement;

any other agreement or arrangement between the Government and the government of another country which makes provision corresponding, or substantially similar, to that made by an agreement referred to in paragraph (a) or (b).(2) An order under subsection (1) may only take effect on or after the date on which the agreement or arrangement enters into force for Singapore.Provision of information to Comptroller105L.—

A person falling within any description of persons prescribed by regulations made under section 105P (referred to in this section as a prescribed person) shall, at such times and frequency and in such form and manner as may be prescribed by those regulations, provide the Comptroller with information of a description prescribed by those regulations.(2) A prescribed person is not excused from providing the information by reason only that the person is under a duty of secrecy, whether imposed by written law, rule of law, any contract or any rule of professional conduct, in respect of that information.(3) A prescribed person who in good faith complies with subsection (1) shall not be treated as being in breach of any duty of secrecy referred to in subsection (2).(4) No civil or criminal action for a breach of any such duty, other than a criminal action for an offence under section 105M(3), shall lie against the prescribed person —

for producing any document or providing any information if he had done so in good faith in compliance with subsection (1); or

for doing or omitting to do any act if he had done or omitted to do the act in good faith and as a result of complying with subsection (1).(5) Notwithstanding subsection (2), subsection (1) does not apply to any information subject to legal privilege.Offences105M.—

Any person who, without reasonable excuse, fails or neglects to comply with section 105L(1) shall be guilty of an offence and shall be liable on conviction —

to a fine not exceeding $1,000 and in default of payment to imprisonment for a term not exceeding 6 months; and

in the case of a continuing offence, to a further fine not exceeding $50 for every day or part thereof during which the offence continues after conviction.(2) The Comptroller may compound any offence under subsection (1).(3) Any person who, in purported compliance with section 105L(1), produces to the Comptroller any document which contains any information, or provides to the Comptroller any information, known to the person to be false or misleading in a material particular —

without indicating to the Comptroller that the information is false or misleading and the part that is false or misleading; and

without providing correct information to the Comptroller if the person is in possession of, or can reasonably acquire, the correct information,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.Power of Comptroller to obtain information105N.—

Sections 65 to 65D shall have effect for the purpose of enabling the Comptroller to obtain any information for the purpose of complying with any provision of an international tax compliance agreement or enabling Singapore to carry out its obligations under any provision of such agreement, and section 65E shall also have effect in relation to a notice issued under section 65B for this purpose.(2) For the purpose of subsection (1) —

the reference in section 65 to the purpose of obtaining full information in respect of any person’s income shall be read as a reference to the purpose referred to in subsection (1);

a reference in section 65B to the purposes of this Act shall be read as the purpose referred to in subsection (1);

references in section 65B to proceedings for an offence under this Act, proceedings for the recovery of tax or penalty and proceedings by way of an appeal against an assessment shall be read as a reference to proceedings for an offence under this Part; and

the Comptroller may authorise an officer of the Monetary Authority of Singapore under section 4(1) to perform a duty of the Comptroller under section 65, 65A or 65B.Information may be used for administration of Act105O. For the avoidance of doubt, any information provided or obtained under section 105L or 105N may be used for any purpose connected with the administration of this Act, including the investigation or a prosecution for an offence alleged or suspected to have been committed under this Act.Regulations to implement international tax compliance agreements105P.—

The Minister may make regulations for, or in connection with, giving effect to or enabling effect to be given to an international tax compliance agreement.(2) Without prejudice to the generality of subsection (1), regulations under subsection (1) may —

prescribe anything which may be prescribed under this Part;

for the purpose of section 105L, prescribe different descriptions of information, forms and manners of provision of the information, and times and frequencies for the provision of the information, in relation to different international tax compliance agreements, different persons or under different circumstances;

impose registration, due diligence procedures and other obligations required or permitted to be imposed under an international tax compliance agreement on any person to whom the agreement applies; and

contain incidental, transitional or savings provisions.(3) Regulations under subsection (1) may give force of law to any provision of an international tax compliance agreement, whether with or without any modification.”.