Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2020

These Regulations are the Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2020 and come into operation on 1 January 2021.

In these Regulations, “depository institution” means —

In these Regulations, “specified insurance company” means a licensed insurer under the Insurance Act 1966 that issues, or is obligated to make payment with respect to a cash value insurance contract or an annuity contract.

THE SCHEDULE

Regulation 2(2)

AGREEMENT BETWEEN THE GOVERNMENT OF THE

REPUBLIC OF SINGAPORE AND THE GOVERNMENT OF THE

UNITED STATES OF AMERICA TO IMPROVE INTERNATIONAL

TAX COMPLIANCE AND TO IMPLEMENT FATCA

Whereas, the Government of the Republic of Singapore and the Government

of the United States of America (each, a “Party,” and together, the “Parties”)

signed the Agreement between the Government of the Republic of Singapore and

the Government of the United States of America to Improve International Tax

Compliance and to Implement FATCA at Singapore on December 9, 2014

(“2014 Agreement”);

Whereas, the Parties desire to conclude a new agreement to improve

international tax compliance through mutual assistance in tax matters based on

an effective infrastructure for the automatic exchange of information that

supersedes the 2014 Agreement;

Whereas, the Agreement between the Republic of Singapore and the United

States of America for the Exchange of Information Relating to Taxes, done at

Singapore on November 13, 2018, (the “TIEA”) authorizes the exchange of

information for tax purposes, including on an automatic basis;

Whereas, the United States of America enacted provisions commonly known

as the Foreign Account Tax Compliance Act (“FATCA”), which introduce a

reporting regime for financial institutions with respect to certain accounts;

Whereas, the Government of the Republic of Singapore is supportive of the

underlying policy goal of FATCA to improve tax compliance;

Whereas, FATCA has raised a number of issues, including that Singaporean

financial institutions may not be able to comply with certain aspects of FATCA

due to domestic legal impediments;

Whereas, the Government of the United States of America collects

information

regarding

certain

accounts

maintained

by

U.S.

financial

institutions held by residents of Singapore and is committed to exchanging

such information with the Government of the Republic of Singapore and

pursuing equivalent levels of exchange, provided that the appropriate safeguards

and infrastructure for an effective exchange relationship are in place;

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Whereas, an intergovernmental approach to FATCA implementation would

address legal impediments and reduce burdens for Singaporean financial

institutions;

Whereas, the Parties desire to conclude an agreement to improve

international tax compliance and provide for the implementation of FATCA

based on domestic reporting and reciprocal automatic exchange pursuant to the

TIEA, and subject to the confidentiality and other protections provided for

therein, including the provisions limiting the use of the information exchanged

under the TIEA;

Now, therefore, the Parties have agreed as follows:

Article 1

Definitions

1.

For

purposes

of

this

agreement

and

any

annexes

thereto

(the “Agreement”), the following terms shall have the meanings set forth below:

including the States thereof and the District of Columbia, but does

not include the U.S. Territories.

term

“U.S.

Territory”

means

American

Samoa,

the

Commonwealth of the Northern Mariana Islands, Guam, the

Commonwealth of Puerto Rico, or the U.S. Virgin Islands.

effect an agreement with the United States to facilitate the

implementation

of

FATCA.

The

IRS

shall

publish

a

list

identifying all Partner Jurisdictions.

his delegate; and

authorized representative.

Depository Institution, an Investment Entity, or a Specified

Insurance Company.

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substantial portion of its business, financial assets for the account of

others. An entity holds financial assets for the account of others as a

substantial portion of its business if the entity’s gross income

attributable to the holding of financial assets and related financial

services equals or exceeds 20 percent of the entity’s gross income

during the shorter of: (i) the three‑year period that ends on

December 31 (or the final day of a non‑calendar year accounting

period) prior to the year in which the determination is being made; or

deposits in the ordinary course of a banking or similar business.

business (or is managed by an entity that conducts as a business) one

or more of the following activities or operations for or on behalf of a

customer:

in

money

market

instruments

(cheques,

bills,

certificates of deposit, derivatives, etc.); foreign exchange;

exchange, interest rate and index instruments; transferable

securities; or commodity futures trading;

money on behalf of other persons.

This subparagraph 1(j) shall be interpreted in a manner consistent

with similar language set forth in the definition of “financial

institution” in the Financial Action Task Force Recommendations.

an insurance company (or the holding company of an insurance

company) that issues, or is obligated to make payments with respect

to, a Cash Value Insurance Contract or an Annuity Contract.

Financial Institution resident in or organized under the laws of

Singapore but excluding any branch of such Financial Institution

that is located outside Singapore, and (ii) any branch of a Financial

Institution not resident in or organized under the laws of Singapore,

if such branch is located in Singapore.

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excluding any branch of such Financial Institution that is located

outside the Partner Jurisdiction, and (ii) any branch of a Financial

Institution not established in the Partner Jurisdiction, if such branch

is located in the Partner Jurisdiction.

Singaporean Financial Institution or a Reporting U.S. Financial

Institution, as the context requires.

any Singaporean Financial Institution that is not a Non‑Reporting

Singaporean Financial Institution.

Financial Institution that is resident in the United States, but

excluding any branch of such Financial Institution that is located

outside the United States, and (ii) any branch of a Financial

Institution not resident in the United States, if such branch is located

in the United States, provided that the Financial Institution or branch

has control, receipt, or custody of income with respect to which

information is required to be exchanged under subparagraph (2)(b)

of Article 2 of this Agreement.

means any Singaporean Financial Institution, or other Entity in

Singapore, that is described in Annex II as a Non‑Reporting

Singaporean Financial Institution or that otherwise qualifies as a

deemed‑compliant FFI or an exempt beneficial owner under relevant

U.S. Treasury Regulations in effect on the date of signature of this

Agreement.

nonparticipating FFI, as that term is defined in relevant U.S.

Treasury Regulations, but does not include a Singaporean Financial

Institution or other Partner Jurisdiction Financial Institution other

than a Financial Institution treated as a Nonparticipating Financial

Institution pursuant to subparagraph 2(b) of Article 5 of this

Agreement or the corresponding provision in an agreement between

the United States and a Partner Jurisdiction.

Financial Institution, and includes:

because it is an Investment Entity, any equity or debt interest

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(other than interests that are regularly traded on an established

securities market) in the Financial Institution;

subparagraph 1(s)(1) of this Article, any equity or debt

interest in the Financial Institution (other than interests that

are regularly traded on an established securities market), if

directly or indirectly, primarily by reference to assets that give

rise to U.S. Source Withholdable Payments, and (ii) the class of

interests was established with a purpose of avoiding reporting

in accordance with this Agreement; and

issued or maintained by a Financial Institution, other than a

noninvestment-linked, nontransferable immediate life annuity

that is issued to an individual and monetizes a pension or

disability benefit provided under an account that is excluded

from the definition of Financial Account in Annex II.

Notwithstanding the foregoing, the term “Financial Account” does

not include any account that is excluded from the definition of

Financial Account in Annex II. For purposes of this Agreement,

interests are “regularly traded” if there is a meaningful volume of

trading with respect to the interests on an ongoing basis, and an

“established securities market” means an exchange that is officially

recognized and supervised by a governmental authority in which the

market is located and that has a meaningful annual value of shares

traded on the exchange. For purposes of this subparagraph 1(s), an

interest in a Financial Institution is not “regularly traded” and shall

be treated as a Financial Account if the holder of the interest (other

than a Financial Institution acting as an intermediary) is registered

on the books of such Financial Institution. The preceding sentence

will not apply to interests first registered on the books of such

Financial Institution prior to July 1, 2014.

checking, savings, time, or thrift account, or an account that is

evidenced by a certificate of deposit, thrift certificate, investment

certificate, certificate of indebtedness, or other similar instrument

maintained by a Financial Institution in the ordinary course of a

banking or similar business. A Depository Account also includes an

amount held by an insurance company pursuant to a guaranteed

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investment contract or similar agreement to pay or credit interest

thereon.

Insurance Contract or Annuity Contract) for the benefit of another

person that holds any financial instrument or contract held for

investment (including, but not limited to, a share or stock in a

corporation, a note, bond, debenture, or other evidence of

indebtedness, a currency or commodity transaction, a credit

default swap, a swap based upon a nonfinancial index, a notional

principal contract, an Insurance Contract or Annuity Contract, and

any option or other derivative instrument).

is a Financial Institution, either a capital or profits interest in the

partnership. In the case of a trust that is a Financial Institution, an

Equity Interest is considered to be held by any person treated as a

settlor or beneficiary of all or a portion of the trust, or any other

natural person exercising ultimate effective control over the trust. A

Specified U.S. Person shall be treated as being a beneficiary of a

foreign trust if such Specified U.S. Person has the right to receive

directly or indirectly (for example, through a nominee) a mandatory

distribution or may receive, directly or indirectly, a discretionary

distribution from the trust.

Annuity Contract) under which the issuer agrees to pay an amount

upon the occurrence of a specified contingency involving mortality,

morbidity, accident, liability, or property risk.

issuer agrees to make payments for a period of time determined in

whole or in part by reference to the life expectancy of one or more

individuals. The term also includes a contract that is considered to be

an Annuity Contract in accordance with the law, regulation, or

practice of the jurisdiction in which the contract was issued, and

under which the issuer agrees to make payments for a term of years.

Contract (other than an indemnity reinsurance contract between

two insurance companies) that has a Cash Value greater than

$50,000.

policyholder is entitled to receive upon surrender or termination of

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the contract (determined without reduction for any surrender charge

or policy loan), and (ii) the amount the policyholder can borrow

under or with regard to the contract. Notwithstanding the foregoing,

the term “Cash Value” does not include an amount payable under an

Insurance Contract as:

indemnification of an economic loss incurred upon the

occurrence of the event insured against;

under an Insurance Contract (other than under a life insurance

contract) due to policy cancellation or termination, decrease in

risk exposure during the effective period of the Insurance

Contract, or arising from a redetermination of the premium due

to correction of posting or other similar error; or

policyholder

dividend

based

upon

the

underwriting

experience of the contract or group involved.

aa) The term “Reportable Account” means a U.S. Reportable Account

or a Singaporean Reportable Account, as the context requires.

bb) The term “Singaporean Reportable Account” means a Financial

Account maintained by a Reporting U.S. Financial Institution if:

individual resident in Singapore and more than $10 of interest is paid

to such account in any given calendar year; or (ii) in the case of a

Financial Account other than a Depository Account, the Account

Holder is a resident of Singapore, including an Entity that certifies

that it is resident in Singapore for tax purposes, with respect to which

U.S. source income that is subject to reporting under chapter 3 of

subtitle A or chapter 61 of subtitle F of the U.S. Internal Revenue

Code is paid or credited.

maintained by a Reporting Singaporean Financial Institution and

held by one or more Specified U.S. Persons or by a Non‑U.S. Entity

with one or more Controlling Persons that is a Specified U.S. Person.

Notwithstanding the foregoing, an account shall not be treated as a

U.S. Reportable Account if such account is not identified as a U.S.

Reportable

Account

after

application

of

the

due

diligence

procedures in Annex I.

the holder of a Financial Account by the Financial Institution that

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maintains the account. A person, other than a Financial Institution,

holding a Financial Account for the benefit or account of another

person as agent, custodian, nominee, signatory, investment advisor,

or intermediary, is not treated as holding the account for purposes of

this Agreement, and such other person is treated as holding the

account. For purposes of the immediately preceding sentence, the

term “Financial Institution” does not include a Financial Institution

organized or incorporated in a U.S. Territory. In the case of a Cash

Value Insurance Contract or an Annuity Contract, the Account

Holder is any person entitled to access the Cash Value or change the

beneficiary of the contract. If no person can access the Cash Value or

change the beneficiary, the Account Holder is any person named as

the owner in the contract and any person with a vested entitlement to

payment under the terms of the contract. Upon the maturity of a Cash

Value Insurance Contract or an Annuity Contract, each person

entitled to receive a payment under the contract is treated as an

Account Holder.

ee) The term “U.S. Person” means a U.S. citizen or resident individual,

a partnership or corporation organized in the United States or under

the laws of the United States or any State thereof, a trust if (i) a court

within the United States would have authority under applicable law

to render orders or judgments concerning substantially all issues

regarding administration of the trust, and (ii) one or more U.S.

persons have the authority to control all substantial decisions of the

trust, or an estate of a decedent that is a citizen or resident of the

United States. This subparagraph 1(ee) shall be interpreted in

accordance with the U.S. Internal Revenue Code.

ff) The term “Specified U.S. Person” means a U.S. Person, other than:

more established securities markets; (ii) any corporation that is a

member of the same expanded affiliated group, as defined in

section 1471(e)(2) of the U.S. Internal Revenue Code, as a

corporation described in clause (i); (iii) the United States or any

wholly owned agency or instrumentality thereof; (iv) any State of

the United States, any U.S. Territory, any political subdivision of any

of the foregoing, or any wholly owned agency or instrumentality of

any one or more of the foregoing; (v) any organization exempt from

taxation under section 501(a) of the U.S. Internal Revenue Code or

an individual retirement plan as defined in section 7701(a)(37) of the

U.S. Internal Revenue Code; (vi) any bank as defined in section 581

of the U.S. Internal Revenue Code; (vii) any real estate investment

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trust as defined in section 856 of the U.S. Internal Revenue Code;

the U.S. Internal Revenue Code or any entity registered with the U.S.

Securities and Exchange Commission under the Investment

Company Act of 1940 (15 U.S.C. 80a‑64); (ix) any common trust

fund as defined in section 584(a) of the U.S. Internal Revenue Code;

Internal Revenue Code or that is described in section 4947(a)(1) of

the U.S. Internal Revenue Code; (xi) a dealer in securities,

commodities,

or

derivative

financial

instruments

(including

notional principal contracts, futures, forwards, and options) that is

registered as such under the laws of the United States or any State;

Revenue Code; or (xiii) any tax‑exempt trust under a plan that is

described in section 403(b) or section 457(g) of the U.S. Internal

Revenue Code.

gg) The term “Entity” means a legal person or a legal arrangement such

as a trust.

hh) The term “Non-U.S. Entity” means an Entity that is not a U.S.

Person.

payment of interest (including any original issue discount),

dividends,

rents,

salaries,

wages,

premiums,

annuities,

compensations, remunerations, emoluments, and other fixed or

determinable annual or periodical gains, profits, and income, if such

payment is from sources within the United States. Notwithstanding

the foregoing, a U.S. Source Withholdable Payment does not include

any payment that is not treated as a withholdable payment in relevant

U.S. Treasury Regulations.

jj) An Entity is a “Related Entity” of another Entity if either Entity

controls the other Entity, or the two Entities are under common

control. For this purpose control includes direct or indirect

ownership of more than 50 percent of the vote or value in an

Entity. Notwithstanding the foregoing, Singapore may treat an

Entity as not a Related Entity of another Entity if the two Entities are

not members of the same expanded affiliated group as defined in

section 1471(e)(2) of the U.S. Internal Revenue Code.

kk) The term “U.S. TIN” means a U.S. federal taxpayer identifying

number.

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Number.

exercise control over an Entity. In the case of a trust, such term

means the settlor, the trustees, the protector (if any), the beneficiaries

or class of beneficiaries, and any other natural person exercising

ultimate effective control over the trust, and in the case of a legal

arrangement other than a trust, such term means persons in

equivalent or similar positions. The term “Controlling Persons”

shall be interpreted in a manner consistent with the Financial Action

Task Force Recommendations.

2. Any term not otherwise defined in this Agreement shall, unless the context

otherwise requires or the Competent Authorities agree to a common meaning (as

permitted by domestic law), have the meaning that it has at that time under the

law of the Party applying this Agreement, any meaning under the applicable tax

laws of that Party prevailing over a meaning given to the term under other laws of

that Party.

Article 2

Obligations to Obtain and Exchange Information

with Respect to Reportable Accounts

1. Subject to the provisions of Article 3 of this Agreement, each Party shall

obtain the information specified in paragraph 2 of this Article with respect to all

Reportable Accounts and shall annually exchange this information with the other

Party on an automatic basis pursuant to the provisions of Article 6 of the TIEA.

2. The information to be obtained and exchanged is:

Account of each Reporting Singaporean Financial Institution:

that is an Account Holder of such account and, in the case of a

Non‑U.S. Entity that, after application of the due diligence

procedures set forth in Annex I, is identified as having one or

more Controlling Persons that is a Specified U.S. Person, the

name, address, and U.S. TIN (if any) of such entity and each

such Specified U.S. Person;

an account number);

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Financial Institution;

Value Insurance Contract or Annuity Contract, the Cash Value

or surrender value) as of the end of the relevant calendar year

or other appropriate reporting period or, if the account was

closed during such year, immediately before closure;

of dividends, and the total gross amount of other income

generated with respect to the assets held in the account, in

each case paid or credited to the account (or with respect

to the account) during the calendar year or other

appropriate reporting period; and

property paid or credited to the account during the

calendar year or other appropriate reporting period with

respect to which the Reporting Singaporean Financial

Institution acted as a custodian, broker, nominee, or

otherwise as an agent for the Account Holder;

of interest paid or credited to the account during the calendar

year or other appropriate reporting period; and

the

case

of

any

account

not

described

in

subparagraph 2(a)(5) or 2(a)(6) of this Article, the total gross

amount paid or credited to the Account Holder with respect to

the account during the calendar year or other appropriate

reporting

period

with

respect

to

which

the

Reporting

Singaporean Financial Institution is the obligor or debtor,

including the aggregate amount of any redemption payments

made to the Account Holder during the calendar year or other

appropriate reporting period.

Reportable Account of each Reporting U.S. Financial Institution:

resident of Singapore and is an Account Holder of the account;

of an account number);

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Financial Institution;

the account; and

to the account, to the extent subject to reporting under chapter 3

of subtitle A or chapter 61 of subtitle F of the U.S. Internal

Revenue Code.

Article 3

Time and Manner of Exchange of Information

1. For purposes of the exchange obligation in Article 2 of this Agreement,

the amount and characterization of payments made with respect to a U.S.

Reportable Account may be determined in accordance with the principles of the

tax laws of Singapore, and the amount and characterization of payments made

with respect to a Singaporean Reportable Account may be determined in

accordance with principles of U.S. federal income tax law.

2. For purposes of the exchange obligation in Article 2 of this Agreement,

the information exchanged shall identify the currency in which each relevant

amount is denominated.

3. With respect to paragraph 2 of Article 2 of this Agreement, information

shall be obtained and exchanged with respect to the calendar year of entry into

force of this Agreement and all subsequent years.

4.

The information described in Article 2 of this Agreement shall be

exchanged within nine months after the end of the calendar year to which the

information relates.

5. The Competent Authorities of Singapore and the United States shall enter

into an agreement or arrangement under the mutual agreement procedure

provided for in Article 11 of the TIEA, which shall:

described in Article 2 of this Agreement; and

Article 5 of this Agreement.

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6. All information exchanged shall be subject to the confidentiality and other

protections provided for in the TIEA, including the provisions limiting the use of

the information exchanged.

7. Prior to entry into force of this Agreement, each Competent Authority

must have provided written notification to the other Competent Authority when

it is satisfied that the jurisdiction of the other Competent Authority has in place

Agreement shall remain confidential and be used solely for tax purposes, and

established

processes

for

ensuring

timely,

accurate,

and

confidential

information

exchanges,

effective

and

reliable

communications,

and

demonstrated capabilities to promptly resolve questions and concerns about

exchanges or requests for exchanges and to administer the provisions of Article 5

of this Agreement). Prior to entry into force of this Agreement, the Competent

Authorities intend to have met to establish that each jurisdiction has such

safeguards and infrastructure in place.

Article 4

Application of FATCA to Singaporean Financial Institutions

1.

Treatment of Reporting Singaporean Financial Institutions. Each

Reporting Singaporean Financial Institution shall be treated as complying with,

and not subject to withholding under, section 1471 of the U.S. Internal Revenue

Code if Singapore complies with its obligations under Articles 2 and 3 of this

Agreement with respect to such Reporting Singaporean Financial Institution, and

the Reporting Singaporean Financial Institution:

Singaporean Competent Authority the information required to be

reported in subparagraph 2(a) of Article 2 of this Agreement in the

time and manner described in Article 3 of this Agreement;

FATCA registration website;

the U.S. Internal Revenue Code) that has elected to assume primary

withholding responsibility under chapter 3 of subtitle A of the U.S.

Internal Revenue Code, (ii) a foreign partnership that has elected to

act as a withholding foreign partnership (for purposes of both

sections 1441 and 1471 of the U.S. Internal Revenue Code), or (iii) a

foreign trust that has elected to act as a withholding foreign trust (for

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purposes of both sections 1441 and 1471 of the U.S. Internal

Revenue Code), withholds 30 percent of any U.S. Source

Withholdable

Payment

to

any

Nonparticipating

Financial

Institution; and

not described in subparagraph 1(c) of this Article and that makes a

payment of, or acts as an intermediary with respect to, a U.S. Source

Withholdable

Payment

to

any

Nonparticipating

Financial

Institution,

the

Reporting

Singaporean

Financial

Institution

provides

to

any

immediate

payor

of

such

U.S.

Source

Withholdable Payment the information required for withholding

and reporting to occur with respect to such payment.

Notwithstanding

the

foregoing,

a

Reporting

Singaporean

Financial

Institution with respect to which the conditions of this paragraph 1 are not

satisfied shall not be subject to withholding under section 1471 of the U.S.

Internal Revenue Code unless such Reporting Singaporean Financial Institution

is treated by the IRS as a Nonparticipating Financial Institution pursuant to

subparagraph 2(b) of Article 5 of this Agreement.

2. Suspension of Rules Relating to Recalcitrant Accounts. The United

States shall not require a Reporting Singaporean Financial Institution to withhold

tax under section 1471 or 1472 of the U.S. Internal Revenue Code with respect to

an account held by a recalcitrant account holder (as defined in section 1471(d)(6)

of the U.S. Internal Revenue Code), or to close such account, if the U.S.

Competent Authority receives the information set forth in subparagraph 2(a) of

Article 2 of this Agreement, subject to the provisions of Article 3 of this

Agreement, with respect to such account.

3.

Specific Treatment of Singaporean Retirement Plans. The United

States shall treat as deemed‑compliant FFIs or exempt beneficial owners, as

appropriate, for purposes of sections 1471 and 1472 of the U.S. Internal Revenue

Code, Singaporean retirement plans described in Annex II. For this purpose, a

Singaporean retirement plan includes an Entity established or located in, and

regulated by, Singapore, or a predetermined contractual or legal arrangement,

operated to provide pension or retirement benefits or earn income for providing

such benefits under the laws of Singapore and regulated with respect to

contributions, distributions, reporting, sponsorship, and taxation.

4. Identification and Treatment of Other Deemed-Compliant FFIs and

Exempt Beneficial Owners. The United States shall treat each Non‑Reporting

Singaporean Financial Institution as a deemed‑compliant FFI or as an exempt

beneficial owner, as appropriate, for purposes of section 1471 of the U.S. Internal

Revenue Code.

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5. Special Rules Regarding Related Entities and Branches That Are

Nonparticipating

Financial

Institutions.

If

a

Singaporean

Financial

Institution, that otherwise meets the requirements described in paragraph 1 of

this Article or is described in paragraph 3 or 4 of this Article, has a Related Entity

or branch that operates in a jurisdiction that prevents such Related Entity or

branch

from

fulfilling

the

requirements

of

a

participating

FFI

or

deemed‑compliant FFI for purposes of section 1471 of the U.S. Internal

Revenue Code or has a Related Entity or branch that is treated as a

Nonparticipating Financial Institution solely due to the expiration of the

transitional rule for limited FFIs and limited branches under relevant U.S.

Treasury Regulations, such Singaporean Financial Institution shall continue to

be in compliance with the terms of this Agreement and shall continue to be

treated as a deemed‑compliant FFI or exempt beneficial owner, as appropriate,

for purposes of section 1471 of the U.S. Internal Revenue Code, provided that:

or branch as a separate Nonparticipating Financial Institution for

purposes of all the reporting and withholding requirements of this

Agreement and each such Related Entity or branch identifies itself to

withholding agents as a Nonparticipating Financial Institution;

reports the information with respect to those accounts as required

under section 1471 of the U.S. Internal Revenue Code to the extent

permitted under the relevant laws pertaining to the Related Entity or

branch; and

accounts held by persons that are not resident in the jurisdiction

where such Related Entity or branch is located or accounts held by

Nonparticipating Financial Institutions that are not established in the

jurisdiction where such Related Entity or branch is located, and such

Related Entity or branch is not used by the Singaporean Financial

Institution or any other Related Entity to circumvent the obligations

under this Agreement or under section 1471 of the U.S. Internal

Revenue Code, as appropriate.

6.

Coordination of Timing. Notwithstanding paragraphs 3 and 4 of

Article 3 of this Agreement:

with respect to a calendar year that is prior to the calendar year with

respect to which similar information is required to be reported to the

IRS by participating FFIs pursuant to relevant U.S. Treasury

Regulations;

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prior to the date by which participating FFIs are required to report

similar information to the IRS under relevant U.S. Treasury

Regulations;

information with respect to a calendar year that is prior to the

first calendar year with respect to which Singapore is required to

obtain and exchange information; and

information prior to the date by which Singapore is required to begin

exchanging information.

7.

Coordination of Definitions with U.S. Treasury Regulations.

Notwithstanding Article 1 of this Agreement and the definitions provided in

the Annexes to this Agreement, in implementing this Agreement, Singapore may

use, and may permit Singaporean Financial Institutions to use, a definition in

relevant U.S. Treasury Regulations in lieu of a corresponding definition in this

Agreement, provided that such application would not frustrate the purposes of

this Agreement.

Article 5

Collaboration on Compliance and Enforcement

1. Minor and Administrative Errors. A Competent Authority shall notify

the Competent Authority of the other Party when the first‑mentioned Competent

Authority has reason to believe that administrative errors or other minor errors

may have led to incorrect or incomplete information reporting or resulted in

other infringements of this Agreement. The Competent Authority of such other

Party shall apply its domestic law (including applicable penalties) to obtain

corrected and/or complete information or to resolve other infringements of this

Agreement.

2. Significant Non-Compliance.

other Party when the first-mentioned Competent Authority has

determined that there is significant non‑compliance with the

obligations under this Agreement with respect to a Reporting

Financial Institution in the other jurisdiction. The Competent

Authority of such other Party shall apply its domestic law

(including

applicable

penalties)

to

address

the

significant

non‑compliance described in the notice.

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enforcement actions do not resolve the non‑compliance within a

period of 18 months after notification of significant non‑compliance

is first provided, the United States shall treat the Reporting

Singaporean Financial Institution as a Nonparticipating Financial

Institution pursuant to this subparagraph 2(b).

3.

Reliance on Third Party Service Providers. Each Party may allow

Reporting Financial Institutions to use third party service providers to fulfill the

obligations imposed on such Reporting Financial Institutions by a Party, as

contemplated in this Agreement, but these obligations shall remain the

responsibility of the Reporting Financial Institutions.

4.

Prevention of Avoidance. The Parties shall implement as necessary

requirements to prevent Financial Institutions from adopting practices intended

to circumvent the reporting required under this Agreement.

Article 6

Mutual Commitment to Continue to Enhance the Effectiveness of

Information Exchange and Transparency

1. Reciprocity. The Government of the United States acknowledges the

need to achieve equivalent levels of reciprocal automatic information exchange

with Singapore. The Government of the United States is committed to further

improve transparency and enhance the exchange relationship with Singapore by

pursuing the adoption of regulations and advocating and supporting relevant

legislation to achieve such equivalent levels of reciprocal automatic information

exchange.

2. Treatment of Passthru Payments and Gross Proceeds. The Parties are

committed to work together, along with Partner Jurisdictions, to develop a

practical and effective alternative approach to achieve the policy objectives of

foreign passthru payment and gross proceeds withholding that minimizes

burden.

Article 7

Consistency in the Application of FATCA to Partner Jurisdictions

1. Singapore shall be granted the benefit of any more favorable terms under

Article 4 or Annex I of this Agreement relating to the application of FATCA to

Singaporean Financial Institutions afforded to another Partner Jurisdiction under

a signed bilateral agreement pursuant to which the other Partner Jurisdiction

commits to undertake the same obligations as Singapore described in Articles 2

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and 3 of this Agreement, and subject to the same terms and conditions as

described therein and in Articles 5 through 9 of this Agreement.

2. The United States shall notify Singapore of any such more favorable

terms, and such more favorable terms shall apply automatically under this

Agreement as if such terms were specified in this Agreement and effective as of

the date of signing of the agreement incorporating the more favorable terms,

unless Singapore declines in writing the application thereof.

Article 8

Consultations and Amendments

1. In case any difficulties in the implementation of this Agreement arise,

either Party may request consultations to develop appropriate measures to ensure

the fulfillment of this Agreement.

2. This Agreement may be amended by written mutual agreement of the

Parties. Unless otherwise agreed upon, such an amendment shall enter into force

through the same procedures as set forth in paragraph 1 of Article 10 of this

Agreement.

Article 9

Annexes

The Annexes form an integral part of this Agreement.

Article 10

Term of Agreement

1. This Agreement shall enter into force on January 1 of the calendar year

next following the later of (1) the date of entry into force of the TIEA and (2) the

date of the last notification of an exchange of written notifications between the

United States and Singapore confirming the completion of each Party’s

necessary internal procedures for entry into force of this Agreement.

2. Upon entry into force of this Agreement, this Agreement shall supersede

the 2014 Agreement.

3. Notwithstanding paragraph 2 of this Article,

this Agreement shall be exchanged pursuant to the 2014 Agreement;

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paragraph 1 of Article 10 of the 2014 Agreement shall continue to

apply with respect to the exchange of information pursuant to the

2014 Agreement; and

2014 Agreement shall continue to apply with respect to any

information exchanged pursuant to the 2014 Agreement.

4. Either Party may terminate this Agreement by giving notice of termination

in writing to the other Party. Such termination shall become effective on the first

day of the month following the expiration of a period of 12 months after the date

of the notice of termination.

5. The Parties shall, prior to December 31, 2018, consult in good faith to

amend this Agreement as necessary to reflect progress on the commitments set

forth in Article 6 of this Agreement.

In witness whereof, the undersigned, being duly authorized thereto by their

respective Governments, have signed this Agreement.

Done at Singapore, in duplicate, in the English language, this 13th day of

November, 2018.

FOR THE GOVERNMENT OF

THE REPUBLIC OF SINGAPORE:

FOR THE GOVERNMENT OF

THE UNITED STATES OF

AMERICA:

ANNEX I

DUE DILIGENCE OBLIGATIONS FOR IDENTIFYING AND

REPORTING ON U.S. REPORTABLE ACCOUNTS AND FOR

IDENTIFYING ACCOUNTS HELD BY NONPARTICIPATING

FINANCIAL INSTITUTIONS

I. General.

A. Singapore shall

require

that

Reporting

Singaporean

Financial

Institutions apply the due diligence procedures contained in this

Annex I to identify U.S. Reportable Accounts and accounts held by

Nonparticipating Financial Institutions.

B. For purposes of the Agreement,

1. All dollar amounts are in U.S. dollars and shall be read to include

the equivalent in other currencies.

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2. Except as otherwise provided herein, the balance or value of an

account shall be determined as of the last day of the calendar year

or other appropriate reporting period.

3. Where a balance or value threshold is to be determined as of the

Determination Date under this Annex I, the relevant balance or

value shall be determined as of that day or the last day of the

reporting period ending immediately before the Determination

Date, and where a balance or value threshold is to be determined

as of the last day of a calendar year under this Annex I, the

relevant balance or value shall be determined as of the last day of

the calendar year or other appropriate reporting period.

4. Subject to subparagraph E(1) of section II of this Annex I, an

account shall be treated as a U.S. Reportable Account beginning

as of the date it is identified as such pursuant to the due diligence

procedures in this Annex I.

5. Unless otherwise provided, information with respect to a U.S.

Reportable Account shall be reported annually in the calendar

year following the year to which the information relates.

C. As an alternative to the procedures described in each section of this

Annex I, Singapore may permit Reporting Singaporean Financial

Institutions to rely on the procedures described in relevant U.S.

Treasury Regulations to establish whether an account is a U.S.

Reportable Account or an account held by a Nonparticipating

Financial Institution. Singapore may permit Reporting Singaporean

Financial Institutions to make such election separately for each section

of this Annex I either with respect to all relevant Financial Accounts

or, separately, with respect to any clearly identified group of such

accounts (such as by line of business or the location of where the

account is maintained).

II. Preexisting Individual Accounts. The following rules and procedures

apply for purposes of identifying U.S. Reportable Accounts among

Preexisting

Accounts

held

by

individuals

(“Preexisting

Individual

Accounts”).

A. Accounts Not Required to Be Reviewed, Identified, or Reported.

Unless the Reporting Singaporean Financial Institution elects

otherwise, either with respect to all Preexisting Individual Accounts

or, separately, with respect to any clearly identified group of such

accounts, where the implementing rules in Singapore provide for such

an election, the following Preexisting Individual Accounts are not

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required to be reviewed, identified, or reported as U.S. Reportable

Accounts:

1. Subject to subparagraph E(2) of this section, a Preexisting

Individual Account with a balance or value that does not

exceed $50,000 as of the Determination Date.

2. Subject to subparagraph E(2) of this section, a Preexisting

Individual Account that is a Cash Value Insurance Contract or

an Annuity Contract with a balance or value of $250,000 or less as

of the Determination Date.

3. A Preexisting Individual Account that is a Cash Value Insurance

Contract or an Annuity Contract, provided the law or regulations

of Singapore or the United States effectively prevent the sale of

such a Cash Value Insurance Contract or an Annuity Contract to

U.S. residents (e.g., if the relevant Financial Institution does not

have the required registration under U.S. law, and the law of

Singapore requires reporting or withholding with respect to

insurance products held by residents of Singapore).

4. A Depository Account with a balance of $50,000 or less.

B. Review Procedures for Preexisting Individual Accounts With a

Balance or Value as of the Determination Date, that Exceeds

$50,000 ($250,000 for a Cash Value Insurance Contract or

Annuity Contract), But Does Not Exceed $1,000,000 (“Lower

Value Accounts”).

1. Electronic Record Search. The Reporting Singaporean Financial

Institution must review electronically searchable data maintained

by the Reporting Singaporean Financial Institution for any of the

following U.S. indicia:

resident;

post office box);

maintained in the United States;

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granted to a person with a U.S. address; or

the Reporting Singaporean Financial Institution has on file

for the Account Holder. In the case of a Preexisting

Individual Account that is a Lower Value Account, an

“in‑care‑of” address outside the United States or “hold mail”

address shall not be treated as U.S. indicia.

2. If none of the U.S. indicia listed in subparagraph B(1) of this

section are discovered in the electronic search, then no further

action is required until there is a change in circumstances that

results in one or more U.S. indicia being associated with the

account, or the account becomes a High Value Account described

in paragraph D of this section.

3. If any of the U.S. indicia listed in subparagraph B(1) of this

section are discovered in the electronic search, or if there is a

change in circumstances that results in one or more U.S. indicia

being

associated

with

the

account,

then

the

Reporting

Singaporean Financial Institution must treat the account as a

U.S.

Reportable

Account

unless

it

elects

to

apply

subparagraph B(4) of this section and one of the exceptions in

such subparagraph applies with respect to that account.

4. Notwithstanding

a

finding

of

U.S.

indicia

under

subparagraph B(1) of this section, a Reporting Singaporean

Financial Institution is not required to treat an account as a U.S.

Reportable Account if:

indicates a U.S. place of birth, the Reporting Singaporean

Financial Institution obtains, or has previously reviewed and

maintains a record of:

U.S. citizen nor a U.S. resident for tax purposes (which

may be on an IRS Form W‑8 or other similar agreed

form);

identification

evidencing

the

Account

Holder’s

citizenship or nationality in a country other than the

United States; and

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Nationality of the United States or a reasonable

explanation of:

such a certificate despite relinquishing U.S.

citizenship; or

U.S. citizenship at birth.

U.S. mailing or residence address, or one or more U.S.

telephone numbers that are the only telephone numbers

associated with the account, the Reporting Singaporean

Financial Institution obtains, or has previously reviewed and

maintains a record of:

U.S. citizen nor a U.S. resident for tax purposes (which

may be on an IRS Form W‑8 or other similar agreed

form); and

section VI of this Annex I, establishing the Account

Holder’s non‑U.S. status.

instructions to transfer funds to an account maintained in

the United States, the Reporting Singaporean Financial

Institution

obtains,

or

has

previously

reviewed

and

maintains a record of:

U.S. citizen nor a U.S. resident for tax purposes (which

may be on an IRS Form W‑8 or other similar agreed

form); and

section VI of this Annex I, establishing the Account

Holder’s non‑U.S. status.

effective power of attorney or signatory authority granted to a

person with a U.S. address, has an “in‑care‑of” address or

“hold mail” address that is the sole address identified for the

Account Holder, or has one or more U.S. telephone numbers

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(if a non‑U.S. telephone number is also associated with the

account), the Reporting Singaporean Financial Institution

obtains, or has previously reviewed and maintains a record

of:

U.S. citizen nor a U.S. resident for tax purposes (which

may be on an IRS Form W‑8 or other similar agreed

form); or

section VI of this Annex I, establishing the Account

Holder’s non‑U.S. status.

C. Additional Procedures Applicable to Preexisting Individual

Accounts That Are Lower Value Accounts.

1. Review of Preexisting Individual Accounts that are Lower Value

Accounts for U.S. indicia must be completed within two years

from the Determination Date.

2. If there is a change of circumstances with respect to a Preexisting

Individual Account that is a Lower Value Account that results in

one or more U.S. indicia described in subparagraph B(1) of this

section being associated with the account, then the Reporting

Singaporean Financial Institution must treat the account as a U.S.

Reportable Account unless subparagraph B(4) of this section

applies.

3. Except for Depository Accounts described in subparagraph A(4)

of this section, any Preexisting Individual Account that has been

identified as a U.S. Reportable Account under this section shall be

treated as a U.S. Reportable Account in all subsequent years,

unless the Account Holder ceases to be a Specified U.S. Person.

D. Enhanced Review Procedures for Preexisting Individual Accounts

With a Balance or Value That Exceeds $1,000,000 as of the

Determination Date, or December 31 of 2015 or Any Subsequent

Year (“High Value Accounts”).

1. Electronic Record Search. The Reporting Singaporean Financial

Institution must review electronically searchable data maintained

by the Reporting Singaporean Financial Institution for any of the

U.S. indicia described in subparagraph B(1) of this section.

2. Paper Record Search. If the Reporting Singaporean Financial

Institution’s electronically searchable databases include fields for,

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and capture all of the information described in, subparagraph D(3)

of this section, then no further paper record search is required. If

the electronic databases do not capture all of this information, then

with respect to a High Value Account, the Reporting Singaporean

Financial Institution must also review the current customer master

file and, to the extent not contained in the current customer master

file, the following documents associated with the account and

obtained by the Reporting Singaporean Financial Institution

within the last five years for any of the U.S. indicia described

in subparagraph B(1) of this section:

to the account;

Singaporean Financial Institution pursuant to AML/KYC

Procedures or for other regulatory purposes;

in effect; and

3. Exception Where Databases Contain Sufficient Information.

A Reporting Singaporean Financial Institution is not required to

perform the paper record search described in subparagraph D(2)

of this section if the Reporting Singaporean Financial Institution’s

electronically searchable information includes the following:

currently on file with the Reporting Singaporean Financial

Institution;

if any, with the Reporting Singaporean Financial Institution;

the account to another account (including an account at

another branch of the Reporting Singaporean Financial

Institution or another Financial Institution);

address for the Account Holder; and

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for the account.

4. Relationship Manager Inquiry for Actual Knowledge. In

addition to the electronic and paper record searches described

above, the Reporting Singaporean Financial Institution must treat

as a U.S. Reportable Account any High Value Account assigned to

a relationship manager (including any Financial Accounts

aggregated with such High Value Account) if the relationship

manager has actual knowledge that the Account Holder is a

Specified U.S. Person.

5. Effect of Finding U.S. Indicia.

section are discovered in the enhanced review of High Value

Accounts described above, and the account is not identified

as held by a Specified U.S. Person in subparagraph D(4) of

this section, then no further action is required until there is a

change in circumstances that results in one or more U.S.

indicia being associated with the account.

section are discovered in the enhanced review of High Value

Accounts described above, or if there is a subsequent change

in circumstances that results in one or more U.S. indicia being

associated with the account, then the Reporting Singaporean

Financial Institution must treat the account as a U.S.

Reportable

Account

unless

it

elects

to

apply

subparagraph B(4) of this section and one of the exceptions

in such subparagraph applies with respect to that account.

for

Depository

Accounts

described

in

subparagraph

A(4)

of

this

section,

any

Preexisting

Individual Account that has been identified as a U.S.

Reportable Account under this section shall be treated as a

U.S. Reportable Account in all subsequent years, unless the

Account Holder ceases to be a Specified U.S. Person.

E. Additional Procedures Applicable to High Value Accounts.

1. If a Preexisting Individual Account is a High Value Account as of

the Determination Date, the Reporting Singaporean Financial

Institution must complete the enhanced review procedures

described in paragraph D of this section with respect to such

account within one year from the Determination Date. If based on

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this review such account is identified as a U.S. Reportable

Account on or before December 31, 2014, the Reporting

Singaporean Financial Institution must report the required

information about such account with respect to 2014 in the first

report on the account and on an annual basis thereafter. In the case

of an account identified as a U.S. Reportable Account after

December 31, 2014, the Reporting Singaporean Financial

Institution is not required to report information about such

account with respect to 2014, but must report information about

the account on an annual basis thereafter.

2. If a Preexisting Individual Account is not a High Value Account as

of the Determination Date, but becomes a High Value Account as

of the last day of 2015 or any subsequent calendar year, the

Reporting Singaporean Financial Institution must complete the

enhanced review procedures described in paragraph D of this

section with respect to such account within six months after the

last day of the calendar year in which the account becomes a High

Value Account. If based on this review such account is identified

as a U.S. Reportable Account, the Reporting Singaporean

Financial Institution must report the required information about

such account with respect to the year in which it is identified as a

U.S. Reportable Account and subsequent years on an annual

basis, unless the Account Holder ceases to be a Specified U.S.

Person.

3. Once a Reporting Singaporean Financial Institution applies the

enhanced review procedures described in paragraph D of this

section to a High Value Account, the Reporting Singaporean

Financial Institution is not required to re‑apply such procedures,

other than the relationship manager inquiry described in

subparagraph D(4) of this section, to the same High Value

Account in any subsequent year.

4. If there is a change of circumstances with respect to a High Value

Account that results in one or more U.S. indicia described in

subparagraph B(1) of this section being associated with the

account, then the Reporting Singaporean Financial Institution

must treat the account as a U.S. Reportable Account unless it

elects to apply subparagraph B(4) of this section and one of the

exceptions in such subparagraph applies with respect to that

account.

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5. A Reporting Singaporean Financial Institution must implement

procedures to ensure that a relationship manager identifies any

change in circumstances of an account. For example, if a

relationship manager is notified that the Account Holder has a

new mailing address in the United States, the Reporting

Singaporean Financial Institution is required to treat the new

address as a change in circumstances and, if it elects to apply

subparagraph B(4) of this section, is required to obtain the

appropriate documentation from the Account Holder.

F. Preexisting Individual Accounts That Have Been Documented for

Certain Other Purposes. A Reporting Singaporean Financial

Institution that has previously obtained documentation from an

Account Holder to establish the Account Holder’s status as neither

a U.S. citizen nor a U.S. resident in order to meet its obligations under

a

qualified

intermediary,

withholding

foreign

partnership,

or

withholding foreign trust agreement with the IRS, or to fulfill its

obligations under chapter 61 of Title 26 of the United States Code, is

not required to perform the procedures described in subparagraph B(1)

of

this

section

with

respect

to

Lower

Value

Accounts

or

subparagraphs D(1) through D(3) of this section with respect to

High Value Accounts.

III. New Individual Accounts. The following rules and procedures apply for

purposes of identifying U.S. Reportable Accounts among Financial

Accounts held by individuals and opened after the Determination Date

(“New Individual Accounts”).

A. Accounts Not Required to Be Reviewed, Identified, or Reported.

Unless the Reporting Singaporean Financial Institution elects

otherwise, either with respect to all New Individual Accounts or,

separately, with respect to any clearly identified group of such

accounts, where the implementing rules in Singapore provide for such

an election, the following New Individual Accounts are not required to

be reviewed, identified, or reported as U.S. Reportable Accounts:

1. A Depository Account unless the account balance exceeds

$50,000 at the end of any calendar year or other appropriate

reporting period.

2. A Cash Value Insurance Contract unless the Cash Value exceeds

$50,000 at the end of any calendar year or other appropriate

reporting period.

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B. Other New Individual Accounts. With respect to New Individual

Accounts not described in paragraph A of this section, upon account

opening (or within 90 days after the end of the calendar year in which

the account ceases to be described in paragraph A of this section), the

Reporting

Singaporean

Financial

Institution

must

obtain

a

self‑certification, which may be part of the account opening

documentation, that allows the Reporting Singaporean Financial

Institution to determine whether the Account Holder is resident in the

United States for tax purposes (for this purpose, a U.S. citizen is

considered to be resident in the United States for tax purposes, even if

the Account Holder is also a tax resident of another jurisdiction) and

confirm the reasonableness of such self‑certification based on the

information obtained by the Reporting Singaporean Financial

Institution in connection with the opening of the account, including

any documentation collected pursuant to AML/KYC Procedures.

1. If the self-certification establishes that the Account Holder is

resident in the United States for tax purposes, the Reporting

Singaporean Financial Institution must treat the account as a U.S.

Reportable Account and obtain a self‑certification that includes

the Account Holder’s U.S. TIN (which may be an IRS Form W‑9

or other similar agreed form).

2. If there is a change of circumstances with respect to a New

Individual Account that causes the Reporting Singaporean

Financial Institution to know, or have reason to know, that the

original self‑certification is incorrect or unreliable, the Reporting

Singaporean Financial Institution cannot rely on the original

self‑certification and must obtain a valid self‑certification that

establishes whether the Account Holder is a U.S. citizen or

resident for U.S. tax purposes. If the Reporting Singaporean

Financial Institution is unable to obtain a valid self‑certification,

the Reporting Singaporean Financial Institution must treat the

account as a U.S. Reportable Account.

IV. Preexisting Entity Accounts. The following rules and procedures apply

for purposes of identifying U.S. Reportable Accounts and accounts held by

Nonparticipating Financial Institutions among Preexisting Accounts held

by Entities (“Preexisting Entity Accounts”).

A. Entity Accounts Not Required to Be Reviewed, Identified or

Reported. Unless the Reporting Singaporean Financial Institution

elects otherwise, either with respect to all Preexisting Entity Accounts

or, separately, with respect to any clearly identified group of such

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accounts, where the implementing rules in Singapore provide for such

an election, a Preexisting Entity Account with an account balance or

value that does not exceed $250,000 as of the Determination Date, is

not required to be reviewed, identified, or reported as a U.S.

Reportable Account until the account balance or value exceeds

$1,000,000.

B. Entity Accounts Subject to Review. A Preexisting Entity Account

that has an account balance or value that exceeds $250,000 as of the

Determination Date, and a Preexisting Entity Account that does not

exceed $250,000 as of the Determination Date but the account balance

or value of which exceeds $1,000,000 as of the last day of 2015 or any

subsequent calendar year, must be reviewed in accordance with the

procedures set forth in paragraph D of this section.

C. Entity Accounts With Respect to Which Reporting Is Required.

With respect to Preexisting Entity Accounts described in paragraph B

of this section, only accounts that are held by one or more Entities that

are Specified U.S. Persons, or by Passive NFFEs with one or more

Controlling Persons who are U.S. citizens or residents, shall be treated

as U.S. Reportable Accounts.

D. Review Procedures for Identifying Entity Accounts With Respect

to Which Reporting Is Required. For Preexisting Entity Accounts

described in paragraph B of this section, the Reporting Singaporean

Financial Institution must apply the following review procedures to

determine whether the account is held by one or more Specified U.S.

Persons, by Passive NFFEs with one or more Controlling Persons who

are U.S. citizens or residents, or by Nonparticipating Financial

Institutions:

1. Determine Whether the Entity Is a Specified U.S. Person.

relationship

purposes

(including

information

collected

pursuant to AML/KYC Procedures) to determine whether

the information indicates that the Account Holder is a U.S.

Person. For this purpose, information indicating that the

Account Holder is a U.S. Person includes a U.S. place of

incorporation or organization, or a U.S. address.

Person, the Reporting Singaporean Financial Institution must

treat the account as a U.S. Reportable Account unless it

obtains a self‑certification from the Account Holder (which

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may be on an IRS Form W‑8 or W‑9, or a similar agreed

form), or reasonably determines based on information in its

possession or that is publicly available, that the Account

Holder is not a Specified U.S. Person.

2. Determine Whether a Non‑U.S. Entity Is a Financial

Institution.

relationship

purposes

(including

information

collected

pursuant to AML/KYC Procedures) to determine whether

the information indicates that the Account Holder is a

Financial Institution.

Financial Institution, or the Reporting Singaporean Financial

Institution verifies the Account Holder’s Global Intermediary

Identification Number on the published IRS FFI list, then the

account is not a U.S. Reportable Account.

3. Determine

Whether

a

Financial

Institution

Is

a

Nonparticipating Financial Institution

Singaporean Financial Institution may determine that the

Account Holder is a Singaporean Financial Institution or

other

Partner

Jurisdiction

Financial

Institution

if

the

Reporting Singaporean Financial Institution reasonably

determines that the Account Holder has such status on the

basis

of

the

Account

Holder’s

Global

Intermediary

Identification Number on the published IRS FFI list or

other information that is publicly available or in the

possession

of

the

Reporting

Singaporean

Financial

Institution, as applicable. In such case, no further review,

identification, or reporting is required with respect to the

account.

or other Partner Jurisdiction Financial Institution treated by

the IRS as a Nonparticipating Financial Institution, then the

account is not a U.S. Reportable Account.

Institution

or

other

Partner

Jurisdiction

Financial

Institution,

then

the

Reporting

Singaporean

Financial

Institution

must

treat

the

Account

Holder

as

a

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Nonparticipating Financial Institution unless the Reporting

Singaporean Financial Institution:

Form W‑8 or similar agreed form) from the Account

Holder that it is a certified deemed‑compliant FFI, or

an exempt beneficial owner, as those terms are defined

in relevant U.S. Treasury Regulations; or

deemed‑compliant FFI, verifies the Account Holder’s

Global Intermediary Identification Number on the

published IRS FFI list.

4. Determine Whether an Account Held by an NFFE Is a U.S.

Reportable Account. With respect to an Account Holder of a

Preexisting Entity Account that is not identified as either a U.S.

Person or a Financial Institution, the Reporting Singaporean

Financial Institution must identify (i) whether the Account Holder

has Controlling Persons, (ii) whether the Account Holder is a

Passive NFFE, and (iii) whether any of the Controlling Persons of

the Account Holder is a U.S. citizen or resident. In making these

determinations the Reporting Singaporean Financial Institution

must follow the guidance in subparagraphs D(4)(a) through

D(4)(d) of this section in the order most appropriate under the

circumstances.

Account

Holder,

a

Reporting

Singaporean

Financial

Institution

may

rely

on

information

collected

and

maintained pursuant to AML/KYC Procedures.

Passive

NFFE,

the

Reporting

Singaporean

Financial

Institution must obtain a self-certification (which may be

on an IRS Form W‑8 or W‑9, or on a similar agreed form)

from the Account Holder to establish its status, unless it has

information in its possession or that is publicly available,

based on which it can reasonably determine that the Account

Holder is an Active NFFE.

a Passive NFFE is a U.S. citizen or resident for tax purposes,

a Reporting Singaporean Financial Institution may rely on:

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AML/KYC Procedures in the case of a Preexisting

Entity Account held by one or more NFFEs with an

account balance or value that does not exceed

$1,000,000; or

W‑8 or W‑9, or on a similar agreed form) from the

Account Holder or such Controlling Person in the case

of a Preexisting Entity Account held by one or more

NFFEs with an account balance or value that exceeds

$1,000,000.

or resident, the account shall be treated as a U.S. Reportable

Account.

E. Timing of Review and Additional Procedures Applicable to

Preexisting Entity Accounts.

1. Review of Preexisting Entity Accounts with an account balance or

value that exceeds $250,000 as of the Determination Date must be

completed within two years from the Determination Date.

2. Review of Preexisting Entity Accounts with an account balance or

value that does not exceed $250,000 as of the Determination Date,

but exceeds $1,000,000 as of December 31 of 2015 or any

subsequent year, must be completed within six months after the

last day of the calendar year in which the account balance or value

exceeds $1,000,000.

3. If there is a change of circumstances with respect to a Preexisting

Entity Account that causes the Reporting Singaporean Financial

Institution

to

know,

or

have

reason

to

know,

that

the

self‑certification or other documentation associated with an

account is incorrect or unreliable, the Reporting Singaporean

Financial Institution must redetermine the status of the account in

accordance with the procedures set forth in paragraph D of this

section.

V. New Entity Accounts. The following rules and procedures apply for

purposes of identifying U.S. Reportable Accounts and accounts held by

Nonparticipating Financial Institutions among Financial Accounts held by

Entities and opened after the Determination Date (“New Entity Accounts”).

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A. Entity Accounts Not Required to Be Reviewed, Identified or

Reported. Unless the Reporting Singaporean Financial Institution

elects otherwise, either with respect to all New Entity Accounts or,

separately, with respect to any clearly identified group of such

accounts, where the implementing rules in Singapore provide for such

election, a credit card account or a revolving credit facility treated as a

New Entity Account is not required to be reviewed, identified, or

reported,

provided

that

the

Reporting

Singaporean

Financial

Institution maintaining such account implements policies and

procedures to prevent an account balance owed to the Account

Holder that exceeds $50,000.

B. Other New Entity Accounts. With respect to New Entity Accounts

not described in paragraph A of this section, the Reporting

Singaporean Financial Institution must determine whether the

Account Holder is: (i) a Specified U.S. Person; (ii) a Singaporean

Financial Institution or other Partner Jurisdiction Financial Institution;

beneficial owner, as those terms are defined in relevant U.S. Treasury

Regulations; or (iv) an Active NFFE or Passive NFFE.

1. Subject to subparagraph B(2) of this section, a Reporting

Singaporean

Financial

Institution

may

determine

that

the

Account Holder is an Active NFFE, a Singaporean Financial

Institution, or other Partner Jurisdiction Financial Institution if the

Reporting

Singaporean

Financial

Institution

reasonably

determines that the Account Holder has such status on the basis

of the Account Holder’s Global Intermediary Identification

Number or other information that is publicly available or in the

possession of the Reporting Singaporean Financial Institution, as

applicable.

2. If the Account Holder is a Singaporean Financial Institution or

other Partner Jurisdiction Financial Institution treated by the IRS

as a Nonparticipating Financial Institution, then the account is not

a U.S. Reportable Account.

3. In all other cases, a Reporting Singaporean Financial Institution

must obtain a self‑certification from the Account Holder to

establish

the

Account

Holder’s

status.

Based

on

the

self‑certification, the following rules apply:

Reporting Singaporean Financial Institution must treat the

account as a U.S. Reportable Account.

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Singaporean

Financial

Institution

must

identify

the

Controlling

Persons

as

determined

under

AML/KYC

Procedures, and must determine whether any such person

is a U.S. citizen or resident on the basis of a self-certification

from the Account Holder or such person. If any such person is

a U.S. citizen or resident, the Reporting Singaporean

Financial Institution must treat the account as a U.S.

Reportable Account.

Specified U.S. Person; (ii) subject to subparagraph B(3)(d) of

this section, a Singaporean Financial Institution or other

Partner Jurisdiction Financial Institution; (iii) a participating

FFI, a deemed-compliant FFI, or an exempt beneficial owner,

as those terms are defined in relevant U.S. Treasury

Regulations; (iv) an Active NFFE; or (v) a Passive NFFE

none of the Controlling Persons of which is a U.S. citizen or

resident, then the account is not a U.S. Reportable Account,

and no reporting is required with respect to the account.

Institution (including a Singaporean Financial Institution or

other Partner Jurisdiction Financial Institution treated by the

IRS as a Nonparticipating Financial Institution), then the

account is not a U.S. Reportable Account.

VI. Special Rules and Definitions. The following additional rules and

definitions

apply

in

implementing

the

due

diligence

procedures

described above:

A. Reliance on Self-Certifications and Documentary Evidence. A

Reporting Singaporean Financial Institution may not rely on a

self‑certification

or

documentary

evidence

if

the

Reporting

Singaporean Financial Institution knows or has reason to know that

the self‑certification or documentary evidence is incorrect or

unreliable.

B. Definitions. The following definitions apply for purposes of this

Annex I.

1. AML/KYC Procedures. “AML/KYC Procedures” means the

customer due diligence procedures of a Reporting Singaporean

Financial Institution pursuant to the anti‑money laundering or

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similar requirements of Singapore to which such Reporting

Singaporean Financial Institution is subject.

2. NFFE. An “NFFE” means any Non-U.S. Entity that is not an FFI

as defined in relevant U.S. Treasury Regulations or is an Entity

described in subparagraph B(4)(j) of this section, and also

includes any Non‑U.S. Entity that is established in Singapore or

another Partner Jurisdiction and that is not a Financial Institution.

3. Passive NFFE. A “Passive NFFE” means any NFFE that is not

withholding foreign trust pursuant to relevant U.S. Treasury

Regulations.

4. Active NFFE. An “Active NFFE” means any NFFE that meets

any of the following criteria:

preceding calendar year or other appropriate reporting period

is passive income and less than 50 percent of the assets held

by the NFFE during the preceding calendar year or other

appropriate reporting period are assets that produce or are

held for the production of passive income;

securities market or the NFFE is a Related Entity of an Entity

the stock of which is regularly traded on an established

securities market;

owners of the payee are bona fide residents of that U.S.

Territory;

a political subdivision of such government (which, for the

avoidance of doubt, includes a state, province, county, or

municipality), or a public body performing a function of such

government or a political subdivision thereof, a government

of a U.S. Territory, an international organization, a non‑U.S.

central bank of issue, or an Entity wholly owned by one or

more of the foregoing;

holding (in whole or in part) the outstanding stock of, or

providing financing and services to, one or more subsidiaries

that engage in trades or businesses other than the business of

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a Financial Institution, except that an Entity shall not qualify

for NFFE status if the Entity functions (or holds itself out) as

an investment fund, such as a private equity fund, venture

capital fund, leveraged buyout fund, or any investment

vehicle whose purpose is to acquire or fund companies and

then hold interests in those companies as capital assets for

investment purposes;

operating history, but is investing capital into assets with the

intent to operate a business other than that of a Financial

Institution, provided that the NFFE shall not qualify for this

exception after the date that is 24 months after the date of the

initial organization of the NFFE;

five years, and is in the process of liquidating its assets or

is reorganizing with the intent to continue or recommence

operations in a business other than that of a Financial

Institution;

transactions with, or for, Related Entities that are not

Financial Institutions, and does not provide financing or

hedging services to any Entity that is not a Related Entity,

provided that the group of any such Related Entities is

primarily engaged in a business other than that of a Financial

Institution;

U.S. Treasury Regulations; or

residence

exclusively

for

religious,

charitable,

scientific, artistic, cultural, athletic, or educational

purposes; or it is established and operated in its

jurisdiction of residence and it is a professional

organization, business league, chamber of commerce,

labor

organization,

agricultural

or

horticultural

organization,

civic

league

or

an

organization

operated exclusively for the promotion of social

welfare;

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residence;

proprietary or beneficial interest in its income or

assets;

residence or the NFFE’s formation documents do not

permit any income or assets of the NFFE to be

distributed to, or applied for the benefit of, a private

person or non-charitable Entity other than pursuant to

the conduct of the NFFE’s charitable activities, or as

payment of reasonable compensation for services

rendered, or as payment representing the fair market

value of property which the NFFE has purchased; and

residence or the NFFE’s formation documents require

that, upon the NFFE’s liquidation or dissolution, all of

its assets be distributed to a governmental entity or

other non‑profit organization, or escheat to the

government of the NFFE’s jurisdiction of residence

or any political subdivision thereof.

5. Preexisting

Account.

A

“Preexisting

Account”

means

a

Financial

Account

maintained

by

a

Reporting

Financial

Institution as of the Determination Date.

6. Determination Date. The “Determination Date” means the date,

which may be prior to entry into force of this Agreement, on

which the Treasury Department determines not to apply

withholding under section 1471 of the U.S. Internal Revenue

Code to Singaporean Financial Institutions.

That date is:

agreement with the United States to implement FATCA or

facilitate FATCA implementation on or before June 30, 2014,

or (ii) a jurisdiction that the Treasury Department determined

reached such an agreement in substance on or before June 30,

2014, and is included on the Treasury Department list of such

jurisdictions, (b) November 30, 2014, in the case of a jurisdiction

that the Treasury Department determined reached such an

agreement in substance on or after July 1, 2014, and on or

before November 30, 2014, and is included on the Treasury

Department list of such jurisdictions, or (c) the date of entry into

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force of such an agreement, in the case of any other jurisdiction.

The Determination Date for Singapore is June 30, 2014.

C. Account Balance Aggregation and Currency Translation Rules.

1. Aggregation

of

Individual

Accounts.

For

purposes

of

determining the aggregate balance or value of Financial

Accounts held by an individual, a Reporting Singaporean

Financial Institution is required to aggregate all Financial

Accounts maintained by the Reporting Singaporean Financial

Institution, or by a Related Entity, but only to the extent that the

Reporting Singaporean Financial Institution’s computerized

systems link the Financial Accounts by reference to a data

element such as client number or taxpayer identification number,

and allow account balances or values to be aggregated. Each

holder of a jointly held Financial Account shall be attributed the

entire balance or value of the jointly held Financial Account for

purposes of applying the aggregation requirements described in

this paragraph 1.

2. Aggregation of Entity Accounts. For purposes of determining

the aggregate balance or value of Financial Accounts held by an

Entity, a Reporting Singaporean Financial Institution is required

to take into account all Financial Accounts that are maintained by

the Reporting Singaporean Financial Institution, or by a Related

Entity, but only to the extent that the Reporting Singaporean

Financial Institution’s computerized systems link the Financial

Accounts by reference to a data element such as client number or

taxpayer identification number, and allow account balances or

values to be aggregated.

3. Special

Aggregation

Rule

Applicable

to

Relationship

Managers. For purposes of determining the aggregate balance

or value of Financial Accounts held by a person to determine

whether a Financial Account is a High Value Account, a

Reporting Singaporean Financial Institution is also required, in

the case of any Financial Accounts that a relationship manager

knows, or has reason to know, are directly or indirectly owned,

controlled, or established (other than in a fiduciary capacity) by

the same person, to aggregate all such accounts.

4. Currency Translation Rule. For purposes of determining the

balance or value of Financial Accounts denominated in a currency

other than the U.S. dollar, a Reporting Singaporean Financial

Institution must convert the U.S. dollar threshold amounts

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described in this Annex I into such currency using a published

spot rate determined as of the last day of the calendar year

preceding the year in which the Reporting Singaporean Financial

Institution is determining the balance or value.

D. Documentary Evidence. For purposes of this Annex I, acceptable

documentary evidence includes any of the following:

1. A certificate of residence issued by an authorized government

body (for example, a government or agency thereof, or a

municipality) of the jurisdiction in which the payee claims to

be a resident.

2. With respect to an individual, any valid identification issued by an

authorized government body (for example, a government or

agency thereof, or a municipality), that includes the individual’s

name and is typically used for identification purposes.

3. With respect to an Entity, any official documentation issued by an

authorized government body (for example, a government or

agency thereof, or a municipality) that includes the name of the

Entity and either the address of its principal office in the

jurisdiction (or U.S. Territory) in which it claims to be a

resident or the jurisdiction (or U.S. Territory) in which the

Entity was incorporated or organized.

4. With respect to a Financial Account maintained in a jurisdiction

with anti-money laundering rules that have been approved by the

IRS in connection with a QI agreement (as described in relevant

U.S. Treasury Regulations), any of the documents, other than a

Form W‑8 or W‑9, referenced in the jurisdiction’s attachment to

the QI agreement for identifying individuals or Entities.

5. Any financial statement, third-party credit report, bankruptcy

filing, or U.S. Securities and Exchange Commission report.

E. Alternative Procedures for Financial Accounts Held by Individual

Beneficiaries of a Cash Value Insurance Contract. A Reporting

Singaporean Financial Institution may presume that an individual

beneficiary (other than the owner) of a Cash Value Insurance Contract

receiving a death benefit is not a Specified U.S. Person and may treat

such Financial Account as other than a U.S. Reportable Account

unless the Reporting Singaporean Financial Institution has actual

knowledge, or reason to know, that the beneficiary is a Specified U.S.

Person. A Reporting Singaporean Financial Institution has reason to

know that a beneficiary of a Cash Value Insurance Contract is a

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Specified U.S. Person if the information collected by the Reporting

Singaporean Financial Institution and associated with the beneficiary

contains U.S. indicia as described in subparagraph (B)(1) of section II

of this Annex I. If a Reporting Singaporean Financial Institution has

actual knowledge, or reason to know, that the beneficiary is a

Specified

U.S.

Person,

the

Reporting

Singaporean

Financial

Institution must follow the procedures in subparagraph B(3) of

section II of this Annex I.

F. Reliance on Third Parties. Regardless of whether an election is made

under paragraph C of section I of this Annex I, Singapore may permit

Reporting Singaporean Financial Institutions to rely on due diligence

procedures performed by third parties, to the extent provided in

relevant U.S. Treasury Regulations.

G. Alternative Procedures for New Entity Accounts Opened after the

Determination Date, and before January 1, 2015. For New Entity

Accounts opened after the Determination Date, and before January 1,

2015, either with respect to all New Entity Accounts or, separately,

with respect to any clearly identified group of such accounts,

Singapore may permit Reporting Singaporean Financial Institutions

to treat such accounts as Preexisting Entity Accounts and apply the

due diligence procedures related to Preexisting Entity Accounts

specified in section IV of this Annex I in lieu of the due diligence

procedures specified in section Vof this Annex I. In this case, the due

diligence procedures of section IV of this Annex I must be applied

without regard to the account balance or value threshold specified in

paragraph A of section IV of this Annex I.

ANNEX II

The following Entities shall be treated as exempt beneficial owners or

deemed‑compliant FFIs, as the case may be, and the following accounts are

excluded from the definition of Financial Accounts.

This Annex II may be modified by a mutual written decision entered into

between the Competent Authorities of Singapore and the United States: (1) to

include additional Entities and accounts that present a low risk of being used by

U.S. Persons to evade U.S. tax and that have similar characteristics to the Entities

and accounts described in this Annex II as of the date of signature of the

Agreement; or (2) to remove Entities and accounts that, due to changes in

circumstances, no longer present a low risk of being used by U.S. Persons to

evade U.S. tax. Any such addition or removal shall be effective on the date of

signature of the mutual decision, unless otherwise provided therein. Procedures

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for reaching such a mutual decision may be included in the mutual agreement or

arrangement described in paragraph 5 of Article 3 of the Agreement.

I. Exempt Beneficial Owners other than Funds. The following Entities

shall be treated as Non-Reporting Singaporean Financial Institutions and as

exempt beneficial owners for purposes of sections 1471 and 1472 of the

U.S. Internal Revenue Code, other than with respect to a payment that is

derived from an obligation held in connection with a commercial financial

activity of a type engaged in by a Specified Insurance Company, Custodial

Institution, or Depository Institution.

A. Governmental Entity. The government of Singapore, any political

subdivision of Singapore (which, for the avoidance of doubt, includes

a state, province, county, or municipality), or any wholly owned

agency or instrumentality of Singapore or any one or more of the

foregoing (each, a “Singaporean Governmental Entity”). This

category is comprised of the integral parts, controlled entities, and

political subdivisions of Singapore.

1. An integral part of Singapore means any person, organization,

agency, bureau, fund, instrumentality, or other body, however

designated, that constitutes a governing authority of Singapore.

The net earnings of the governing authority must be credited to

its own account or to other accounts of Singapore, with no

portion inuring to the benefit of any private person. An integral

part does not include any individual who is a sovereign, official,

or administrator acting in a private or personal capacity.

2. A controlled entity means an Entity that is separate in form from

Singapore or that otherwise constitutes a separate juridical

entity, provided that:

Singaporean Governmental Entities directly or through one

or more controlled entities;

to the accounts of one or more Singaporean Governmental

Entities, with no portion of its income inuring to the benefit

of any private person; and

Governmental Entities upon dissolution.

3. Income does not inure to the benefit of private persons if such

persons are the intended beneficiaries of a governmental

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program, and the program activities are performed for the

general public with respect to the common welfare or relate to

the

administration

of

some

phase

of

government.

Notwithstanding the foregoing, however, income is considered

to inure to the benefit of private persons if the income is derived

from the use of a governmental entity to conduct a commercial

business, such as a commercial banking business, that provides

financial services to private persons.

B. International Organization. Any international organization or

wholly owned agency or instrumentality thereof. This category

includes

any

intergovernmental

organization

(including

a

supranational organization) (1) that is comprised primarily of

non‑U.S. governments; (2) that has in effect a headquarters

agreement with Singapore; and (3) the income of which does not

inure to the benefit of private persons.

C. Central Bank. An institution that is by law or government sanction

the principal authority, other than the government of Singapore itself,

issuing instruments intended to circulate as currency. Such an

institution may include an instrumentality that is separate from the

government of Singapore, whether or not owned in whole or in part by

Singapore.

II. Funds that Qualify as Exempt Beneficial Owners. The following

Entities shall be treated as Non-Reporting Singaporean Financial

Institutions

and

as

exempt

beneficial

owners

for

purposes

of

sections 1471 and 1472 of the U.S. Internal Revenue Code.

A. Broad Participation Retirement Fund. A fund established in

Singapore to provide retirement, disability, or death benefits, or any

combination thereof, to beneficiaries that are current or former

employees (or persons designated by such employees) of one or more

employers in consideration for services rendered, provided that the

fund:

1. Does not have a single beneficiary with a right to more than

five percent of the fund’s assets;

2. Is subject to government regulation and provides annual

information reporting about its beneficiaries to the relevant tax

authorities in Singapore; and

3. Satisfies at least one of the following requirements:

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investment income under the laws of Singapore due to its

status as a retirement or pension plan;

contributions (other than transfers of assets from other

plans described in paragraphs A through C of this section or

from

retirement

and

pension

accounts

described

in

subparagraph A(1) of section V of this Annex II) from the

sponsoring employers;

upon

the

occurrence

of

specified

events

related

to

retirement,

disability,

or

death

(except

rollover

distributions

to

other

retirement

funds

described

in

paragraphs A through C of this section or retirement and

pension accounts described in subparagraph A(1) of

section V of this Annex II), or penalties apply to

distributions or withdrawals made before such specified

events; or

(other

than

certain

permitted

make‑up

contributions) by employees to the fund are limited by

reference to earned income of the employee or may not

exceed $50,000 annually, applying the rules set forth in

Annex I for account aggregation and currency translation.

B. Narrow Participation Retirement Fund. A fund established in

Singapore to provide retirement, disability, or death benefits to

beneficiaries that are current or former employees (or persons

designated by such employees) of one or more employers in

consideration for services rendered, provided that:

1. The fund has fewer than 50 participants;

2. The fund is sponsored by one or more employers that are not

Investment Entities or Passive NFFEs;

3. The employee and employer contributions to the fund (other

than transfers of assets from retirement and pension accounts

described in subparagraph A(1) of section Vof this Annex II) are

limited by reference to earned income and compensation of the

employee, respectively;

4. Participants that are not residents of Singapore are not entitled to

more than 20 percent of the fund’s assets; and

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5. The fund is subject to government regulation and provides

annual information reporting about its beneficiaries to the

relevant tax authorities in Singapore.

C. Pension Fund of an Exempt Beneficial Owner. A fund established

in Singapore by an exempt beneficial owner to provide retirement,

disability, or death benefits to beneficiaries or participants that are

current or former employees of the exempt beneficial owner

(or persons designated by such employees), or that are not current

or former employees, if the benefits provided to such beneficiaries or

participants are in consideration of personal services performed for the

exempt beneficial owner.

D. Investment Entity Wholly Owned by Exempt Beneficial Owners.

An Entity that is a Singaporean Financial Institution solely because it

is an Investment Entity, provided that each direct holder of an Equity

Interest in the Entity is an exempt beneficial owner, and each direct

holder of a debt interest in such Entity is either a Depository Institution

(with respect to a loan made to such Entity) or an exempt beneficial

owner.

III. Small or Limited Scope Financial Institutions that Qualify as

Deemed‑Compliant FFIs. The following Financial Institutions are

Non‑Reporting Singaporean Financial Institutions that shall be treated as

deemed‑compliant FFIs for purposes of section 1471 of the U.S. Internal

Revenue Code.

A. Financial Institution with a Local Client Base. A Financial

Institution satisfying the following requirements:

1. The Financial Institution must be licensed and regulated as a

financial institution under the laws of Singapore;

2. The Financial Institution must have no fixed place of business

outside of Singapore. For this purpose, a fixed place of business

does not include a location that is not advertised to the public and

from

which

the

Financial

Institution

performs

solely

administrative support functions;

3. The Financial Institution must not solicit customers or Account

Holders outside Singapore. For this purpose, a Financial

Institution shall not be considered to have solicited customers

or Account Holders outside Singapore merely because the

Financial Institution (a) operates a website, provided that the

website does not specifically indicate that the Financial

Institution

provides

Financial

Accounts

or

services

to

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nonresidents, and does not otherwise target or solicit U.S.

customers or Account Holders, or (b) advertises in print media or

on a radio or television station that is distributed or aired

primarily within Singapore but is also incidentally distributed or

aired in other countries, provided that the advertisement does not

specifically indicate that the Financial Institution provides

Financial Accounts or services to nonresidents, and does not

otherwise target or solicit U.S. customers or Account Holders;

4. The Financial Institution must be required under the laws of

Singapore to identify resident Account Holders for purposes of

either information reporting or withholding of tax with respect to

Financial Accounts held by residents or for purposes of

satisfying Singapore’s AML due diligence requirements;

5. At least 98 percent of the Financial Accounts by value

maintained by the Financial Institution must be held by

residents (including residents that are Entities) of Singapore;

6. By the later of July 1, 2014, or the date that the Financial

Institution claims treatment as a deemed‑compliant FFI pursuant

to this paragraph A, the Financial Institution must have policies

and procedures, consistent with those set forth in Annex I, to

prevent the Financial Institution from providing a Financial

Account to any Nonparticipating Financial Institution and to

monitor whether the Financial Institution opens or maintains a

Financial Account for any Specified U.S. Person who is not a

resident of Singapore (including a U.S. Person that was a

resident of Singapore when the Financial Account was opened

but subsequently ceases to be a resident of Singapore) or any

Passive NFFE with Controlling Persons who are U.S. residents

or U.S. citizens who are not residents of Singapore;

7. Such policies and procedures must provide that if any Financial

Account held by a Specified U.S. Person who is not a resident of

Singapore or by a Passive NFFE with Controlling Persons who

are U.S. residents or U.S. citizens who are not residents of

Singapore is identified, the Financial Institution must report such

Financial Account as would be required if the Financial

Institution were a Reporting Singaporean Financial Institution

(including by following the applicable registration requirements

on the IRS FATCA registration website) or close such Financial

Account;

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8. With respect to a Preexisting Account held by an individual who

is not a resident of Singapore or by an Entity, the Financial

Institution

must

review

those

Preexisting

Accounts

in

accordance with the procedures set forth in Annex I applicable

to Preexisting Accounts to identify any U.S. Reportable Account

or Financial Account held by a Nonparticipating Financial

Institution, and must report such Financial Account as would be

required

if

the

Financial

Institution

were

a

Reporting

Singaporean Financial Institution (including by following the

applicable

registration requirements on the IRS FATCA

registration website) or close such Financial Account;

9. Each Related Entity of the Financial Institution that is a

Financial Institution must be incorporated or organized in

Singapore and, with the exception of any Related Entity that

is a retirement fund described in paragraphs A through C of

section II of this Annex II, satisfy the requirements set forth in

this paragraph A; and

10. The Financial Institution must not have policies or practices that

discriminate against opening or maintaining Financial Accounts

for individuals who are Specified U.S. Persons and residents of

Singapore.

B. Local Bank. A Financial Institution satisfying the following

requirements:

1. The Financial Institution operates solely as (and is licensed and

regulated under the laws of Singapore as) (a) a bank or (b) a

credit union or similar cooperative credit organization that is

operated without profit;

2. The Financial Institution’s business consists primarily of

receiving deposits from and making loans to, with respect to a

bank, unrelated retail customers and, with respect to a credit

union or similar cooperative credit organization, members,

provided that no member has a greater than five percent interest

in such credit union or cooperative credit organization;

3. The Financial Institution satisfies the requirements set forth in

subparagraphs A(2) and A(3) of this section, provided that, in

addition to the limitations on the website described in

subparagraph A(3) of this section, the website does not permit

the opening of a Financial Account;

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4. The Financial Institution does not have more than $175 million

in assets on its balance sheet, and the Financial Institution and

any Related Entities, taken together, do not have more than

$500 million in total assets on their consolidated or combined

balance sheets; and

5. Any Related Entity must be incorporated or organized in

Singapore,

and

any

Related

Entity

that

is

a

Financial

Institution, with the exception of any Related Entity that is a

retirement fund described in paragraphs A through C of

section II of this Annex II or a Financial Institution with only

low‑value accounts described in paragraph C of this section,

must satisfy the requirements set forth in this paragraph B.

C. Financial

Institution

with

Only

Low-Value

Accounts.

A

Singaporean

Financial

Institution

satisfying

the

following

requirements:

1. The Financial Institution is not an Investment Entity;

2. No Financial Account maintained by the Financial Institution or

any Related Entity has a balance or value in excess of $50,000,

applying the rules set forth in Annex I for account aggregation

and currency translation; and

3. The Financial Institution does not have more than $50 million in

assets on its balance sheet, and the Financial Institution and any

Related Entities, taken together, do not have more than

$50 million in total assets on their consolidated or combined

balance sheets.

D. Qualified Credit Card Issuer. A Singaporean Financial Institution

satisfying the following requirements:

1. The Financial Institution is a Financial Institution solely because

it is an issuer of credit cards that accepts deposits only when a

customer makes a payment in excess of a balance due with

respect to the card and the overpayment is not immediately

returned to the customer; and

2. By the later of July 1, 2014, or the date that the Financial

Institution claims treatment as a deemed‑compliant FFI pursuant

to this paragraph D, the Financial Institution implements policies

and procedures to either prevent a customer deposit in excess of

$50,000, or to ensure that any customer deposit in excess of

$50,000, in each case applying the rules set forth in Annex I for

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account aggregation and currency translation, is refunded to the

customer within 60 days. For this purpose, a customer deposit

does not refer to credit balances to the extent of disputed charges

but does include credit balances resulting from merchandise

returns.

IV. Investment Entities that Qualify as Deemed-Compliant FFIs and

Other Special Rules. The Financial Institutions described in paragraphs A

through E of this section are Non‑Reporting Singaporean Financial

Institutions that shall be treated as deemed‑compliant FFIs for purposes

of section 1471 of the U.S. Internal Revenue Code. In addition, paragraph F

of this section provides special rules applicable to an Investment Entity.

A. Trustee-Documented Trust. A trust established under the laws of

Singapore to the extent that the trustee of the trust is a Reporting U.S.

Financial Institution, Reporting Model 1 FFI, or Participating FFI and

reports all information required to be reported pursuant to the

Agreement with respect to all U.S. Reportable Accounts of the trust.

B. Sponsored

Investment

Entity

and

Controlled

Foreign

Corporation.

A

Financial

Institution

described

in

subparagraph B(1) or B(2) of this section having a sponsoring

entity that complies with the requirements of subparagraph B(3) of

this section.

1. A Financial Institution is a sponsored investment entity if (a) it is

an Investment Entity established in Singapore that is not a

qualified intermediary, withholding foreign partnership, or

withholding foreign trust pursuant to relevant U.S. Treasury

Regulations; and (b) an Entity has agreed with the Financial

Institution to act as a sponsoring entity for the Financial

Institution.

2. A Financial Institution is a sponsored controlled foreign

corporation if (a) the Financial Institution is a controlled

foreign corporation1 organized under the laws of Singapore

that is not a qualified intermediary, withholding foreign

partnership, or withholding foreign trust pursuant to relevant

U.S. Treasury Regulations; (b) the Financial Institution is wholly

owned, directly or indirectly, by a Reporting U.S. Financial

1 A “controlled foreign corporation” means any foreign corporation if more than 50 percent of the total combined

voting power of all classes of stock of such corporation entitled to vote, or the total value of the stock of such

corporation, is owned, or is considered as owned, by “United States shareholders” on any day during the taxable

year of such foreign corporation. The term a “United States shareholder” means, with respect to any foreign

corporation, a United States person who owns, or is considered as owning, 10 percent or more of the total

combined voting power of all classes of stock entitled to vote of such foreign corporation.

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Institution that agrees to act, or requires an affiliate of the

Financial Institution to act, as a sponsoring entity for the

Financial Institution; and (c) the Financial Institution shares a

common electronic account system with the sponsoring entity

that enables the sponsoring entity to identify all Account Holders

and payees of the Financial Institution and to access all account

and

customer

information

maintained

by

the

Financial

Institution

including,

but

not

limited

to,

customer

identification information, customer documentation, account

balance, and all payments made to the Account Holder or payee.

3. The sponsoring entity complies with the following requirements:

Financial Institution (such as a fund manager, trustee,

corporate director, or managing partner) to fulfill applicable

registration requirements on the IRS FATCA registration

website;

with the IRS on the IRS FATCA registration website;

Accounts with respect to the Financial Institution, the

sponsoring entity registers the Financial Institution pursuant

to applicable registration requirements on the IRS FATCA

registration website on or before the later of December 31,

2016 and the date that is 90 days after such a U.S.

Reportable Account is first identified;

Financial

Institution,

all

due

diligence,

withholding,

reporting, and other requirements that the Financial

Institution would have been required to perform if it were

a Reporting Singaporean Financial Institution;

and includes the identifying number of the Financial

Institution (obtained by following applicable registration

requirements on the IRS FATCA registration website) in all

reporting completed on the Financial Institution’s behalf;

and

revoked.

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C. Sponsored, Closely Held Investment Vehicle. A Singaporean

Financial Institution satisfying the following requirements:

1. The Financial Institution is a Financial Institution solely because

it is an Investment Entity and is not a qualified intermediary,

withholding foreign partnership, or withholding foreign trust

pursuant to relevant U.S. Treasury Regulations;

2. The sponsoring entity is a Reporting U.S. Financial Institution,

Reporting Model 1 FFI, or Participating FFI, is authorized to act

on behalf of the Financial Institution (such as a professional

manager, trustee, or managing partner), and agrees to perform,

on behalf of the Financial Institution, all due diligence,

withholding,

reporting,

and

other

requirements

that

the

Financial Institution would have been required to perform if it

were a Reporting Singaporean Financial Institution;

3. The Financial Institution does not hold itself out as an

investment vehicle for unrelated parties;

4. Twenty or fewer individuals own all of the debt interests and

Equity Interests in the Financial Institution (disregarding debt

interests owned by Participating FFIs and deemed‑compliant

FFIs and Equity Interests owned by an Entity if that Entity owns

100 percent of the Equity Interests in the Financial Institution

and is itself a sponsored Financial Institution described in this

paragraph C); and

5. The sponsoring entity complies with the following requirements:

with the IRS on the IRS FATCA registration website;

Financial

Institution,

all

due

diligence,

withholding,

reporting, and other requirements that the Financial

Institution would have been required to perform if it were

a Reporting Singaporean Financial Institution and retains

documentation collected with respect to the Financial

Institution for a period of six years;

all reporting completed on the Financial Institution’s behalf;

and

revoked.

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D. Investment Advisors and Investment Managers. An Investment

Entity established in Singapore that is a Financial Institution solely

because it (1) renders investment advice to, and acts on behalf of, or

purposes of investing, managing, or administering funds deposited in

the name of the customer with a Financial Institution other than a

Nonparticipating Financial Institution.

E. Collective Investment Vehicle. An Investment Entity established in

Singapore that is regulated as a collective investment vehicle,

provided that all of the interests in the collective investment vehicle

(including debt interests in excess of $50,000) are held by or through

one or more exempt beneficial owners, Active NFFEs described in

subparagraph B(4) of section VI of Annex I, U.S. Persons that are not

Specified U.S. Persons, or Financial Institutions that are not

Nonparticipating Financial Institutions.

F. Special Rules. The following rules apply to an Investment Entity:

1. With respect to interests in an Investment Entity that is a

collective investment vehicle described in paragraph E of this

section, the reporting obligations of any Investment Entity (other

than a Financial Institution through which interests in the

collective investment vehicle are held) shall be deemed fulfilled.

2. With respect to interests in:

that is regulated as a collective investment vehicle, all of the

interests in which (including debt interests in excess of

$50,000) are held by or through one or more exempt

beneficial

owners,

Active

NFFEs

described

in

subparagraph B(4) of section VI of Annex I, U.S. Persons

that are not Specified U.S. Persons, or Financial Institutions

that are not Nonparticipating Financial Institutions; or

investment

vehicle

under

relevant

U.S.

Treasury

Regulations;

the reporting obligations of any Investment Entity that is a

Singaporean Financial Institution (other than a Financial

Institution through which interests in the collective investment

vehicle are held) shall be deemed fulfilled.

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3. With respect to interests in an Investment Entity established in

Singapore

that

is

not

described

in

paragraph

E

or

subparagraph F(2) of this section, consistent with paragraph 3

of Article 5 of the Agreement, the reporting obligations of all

other Investment Entities with respect to such interests shall be

deemed fulfilled if the information required to be reported by the

first-mentioned Investment Entity pursuant to the Agreement

with respect to such interests is reported by such Investment

Entity or another person.

4. An Investment Entity established in Singapore that is regulated

as a collective investment vehicle shall not fail to qualify under

paragraph E or subparagraph F(2) of this section, or otherwise as

a

deemed‑compliant

FFI,

solely

because

the

collective

investment vehicle has issued physical shares in bearer form,

provided that:

not issue, any physical shares in bearer form after

December 31, 2012;

upon surrender;

collective

investment

vehicle

(or

a

Reporting

Singaporean

Financial

Institution)

performs

the

due

diligence procedures set forth in Annex I and reports any

information required to be reported with respect to any such

shares when such shares are presented for redemption or

other payment; and

and procedures to ensure that such shares are redeemed

or immobilized as soon as possible, and in any event

prior to January 1, 2017.

V. Accounts Excluded from Financial Accounts. The following accounts

are excluded from the definition of Financial Accounts and therefore shall

not be treated as U.S. Reportable Accounts.

A. Certain Savings Accounts.

1. Retirement and Pension Account. A retirement or pension

account maintained in Singapore that satisfies the following

requirements under the laws of Singapore.

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account or is part of a registered or regulated retirement or

pension plan for the provision of retirement or pension

benefits (including disability or death benefits);

that would otherwise be subject to tax under the laws of

Singapore are deductible or excluded from the gross income

of the account holder or taxed at a reduced rate, or taxation

of investment income from the account is deferred or taxed

at a reduced rate);

authorities in Singapore with respect to the account;

retirement age, disability, or death, or penalties apply to

withdrawals made before such specified events; and

or (ii) there is a maximum lifetime contribution limit to the

account of $1,000,000 or less, in each case applying the

rules set forth in Annex I for account aggregation and

currency translation.

2. Non-Retirement Savings Accounts. An account maintained in

Singapore (other than an insurance or Annuity Contract) that

satisfies the following requirements under the laws of Singapore.

purposes other than for retirement;

that would otherwise be subject to tax under the laws of

Singapore are deductible or excluded from the gross income

of the account holder or taxed at a reduced rate, or taxation

of investment income from the account is deferred or taxed

at a reduced rate) or state‑subsidized;

related to the purpose of the savings account (for example,

the provision of educational or medical benefits), or

penalties apply to withdrawals made before such criteria

are met; and

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exceed $50,000, applying the rules set forth in Annex I for

account aggregation and currency translation.

3. Child Development Accounts. A child development account

under the Child Development Co‑Savings Scheme, as stipulated

under Section 3 of the Child Development Co‑Savings Act,

established and maintained in Singapore to provide savings for

educational and healthcare expenses for a Singaporean child.

4. Central Provident Fund Investment Accounts. An account

maintained

in

Singapore

that

satisfies

the

following

requirements under the laws of Singapore:

account holder’s Central Provident Fund (CPF) savings

account;

accordance with CPF (Investment Schemes) Regulations

and relevant regulations relating to the Retirement Sum

Scheme);

that would otherwise be subject to tax under the laws of

Singapore are deductible or excluded from the gross income

of the account holder or taxed at a reduced rate, or taxation

of investment income from the account is deferred or taxed

at a reduced rate); and

CPF savings account, and withdrawals of such earnings and

principal are conditioned on reaching a specified retirement

age, disability, or death, or penalties apply to withdrawals

made before such specified events.

B. Certain Term Life Insurance Contracts. A life insurance contract

maintained in Singapore with a coverage period that will end before

the insured individual attains age 90, provided that the contract

satisfies the following requirements:

1. Periodic premiums, which do not decrease over time, are

payable at least annually during the period the contract is in

existence or until the insured attains age 90, whichever is

shorter;

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2. The contract has no contract value that any person can access (by

withdrawal, loan, or otherwise) without terminating the contract;

3. The amount (other than a death benefit) payable upon

cancellation or termination of the contract cannot exceed the

aggregate premiums paid for the contract, less the sum of

mortality, morbidity, and expense charges (whether or not

actually imposed) for the period or periods of the contract’s

existence and any amounts paid prior to the cancellation or

termination of the contract; and

4. The contract is not held by a transferee for value.

C. Account Held By an Estate. An account maintained in Singapore that

is held solely by an estate if the documentation for such account

includes a copy of the deceased’s will or death certificate.

D. Escrow Accounts. An account maintained in Singapore established in

connection with any of the following:

1. A court order or judgment.

2. A sale, exchange, or lease of real or personal property, provided

that the account satisfies the following requirements:

money, deposit in an amount appropriate to secure an

obligation directly related to the transaction, or a similar

payment, or is funded with a financial asset that is deposited

in the account in connection with the sale, exchange, or

lease of the property;

obligation of the purchaser to pay the purchase price for the

property, the seller to pay any contingent liability, or the

lessor or lessee to pay for any damages relating to the leased

property as agreed under the lease;

thereon, will be paid or otherwise distributed for the benefit

of the purchaser, seller, lessor, or lessee (including to satisfy

such person’s obligation) when the property is sold,

exchanged, or surrendered, or the lease terminates;

connection with a sale or exchange of a financial asset; and

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3. An obligation of a Financial Institution servicing a loan secured

by real property to set aside a portion of a payment solely to

facilitate the payment of taxes or insurance related to the real

property at a later time.

4. An obligation of a Financial Institution solely to facilitate the

payment of taxes at a later time.

E. Partner Jurisdiction Accounts. An account maintained in Singapore

and excluded from the definition of Financial Account under an

agreement between the United States and another Partner Jurisdiction

to facilitate the implementation of FATCA, provided that such account

is subject to the same requirements and oversight under the laws of

such other Partner Jurisdiction as if such account were established in

that Partner Jurisdiction and maintained by a Partner Jurisdiction

Financial Institution in that Partner Jurisdiction.

VI. Definitions. The following additional definitions shall apply to the

descriptions above:

A. Reporting Model 1 FFI. The term Reporting Model 1 FFI means a

Financial Institution with respect to which a non‑U.S. government or

agency thereof agrees to obtain and exchange information pursuant to

a Model 1 IGA, other than a Financial Institution treated as a

Nonparticipating Financial Institution under the Model 1 IGA. For

purposes of this definition, the term Model 1 IGA means an

arrangement between the United States or the Treasury Department

and a non‑U.S. government or one or more agencies thereof to

implement FATCA through reporting by Financial Institutions to such

non‑U.S. government or agency thereof, followed by automatic

exchange of such reported information with the IRS.

B. Participating FFI. The term Participating FFI means a Financial

Institution that has agreed to comply with the requirements of an FFI

Agreement, including a Financial Institution described in a Model 2

IGA that has agreed to comply with the requirements of an FFI

Agreement. The term Participating FFI also includes a qualified

intermediary branch of a Reporting U.S. Financial Institution, unless

such branch is a Reporting Model 1 FFI. For purposes of this

definition, the term FFI Agreement means an agreement that sets forth

the requirements for a Financial Institution to be treated as complying

with the requirements of section 1471(b) of the U.S. Internal Revenue

Code. In addition, for purposes of this definition, the term Model 2

IGA means an arrangement between the United States or the Treasury

Department and a non‑U.S. government or one or more agencies

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thereof to facilitate the implementation of FATCA through reporting

by Financial Institutions directly to the IRS in accordance with the

requirements of an FFI Agreement, supplemented by the exchange of

information between such non‑U.S. government or agency thereof and

the IRS.

Made on 26 August 2020.

TAN CHING YEE

Permanent Secretary,

Ministry of Finance,

Singapore.

[R045.003.0025.V2; AG/LEGIS/SL/134/2015/22 Vol. 9]

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