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.

These Regulations have effect for and in connection with the implementation of obligations arising under the agreement reached 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 the Foreign Account Tax Compliance Act (FATCA) done at Singapore on 13 November 2018, as corrected by agreement between the Government of the Republic of Singapore and the Government of the United States of America on 27 November 2019 (called in these Regulations the Agreement).

The Agreement is set out in the Schedule.

These Regulations have effect for and in connection with the implementation of obligations arising under the agreement reached 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 the Foreign Account Tax Compliance Act (FATCA) done at Singapore on 13 November 2018, as corrected by agreement between the Government of the Republic of Singapore and the Government of the United States of America on 27 November 2019 (called in these Regulations the Agreement).

The Agreement is set out in the Schedule.

In these Regulations —

“qualifying collective investment scheme” means a collective investment scheme constituted in Singapore —

that is authorised under section 286 of the Securities and Futures Act 2001; or

the units of which are or are to be the subject of an offer or intended offer to which Subdivisions (2) and (3) of Division 2 of Part 13 of that Act do not apply or apply with modifications by reason of section 304 or 305 of that Act; and

the expressions “approved exchange”, “collective investment scheme” and “unit” have the meanings given to them in the Securities and Futures Act 2001.

In these Regulations, expressions defined in the Agreement but not in the Act or these Regulations have the same meanings as in the Agreement.

The following table lists the places where expressions in these Regulations are defined or otherwise explained:First column Second columnExpression Referenceannuity contract Regulation 3(2) with paragraph 1(x) of Article 1 of the Agreementcash value insurance contract Regulation 3(2) with paragraph 1(y) of Article 1 of the Agreementexempt beneficial owner Regulation 3(2) with Sections I and II of Annex II to the Agreementfinancial account Regulation 3(2) with paragraph 1(s) of Article 1 of the Agreement, and regulation 13NFFE Regulation 3(2) with paragraph B(2) of Section VI of Annex I to the Agreementnon‑participating financial institution Regulation 3(2) with paragraph 1(r) of Article 1 of the Agreementnon‑reporting Singaporean financial institution Regulation 3(2) with paragraph 1(q) of Article 1 of the Agreement, and regulation 12U.S. reportable account Regulation 3(2) with paragraph 1(cc) of Article 1 of, and paragraph B(4) of Section I of Annex I to, the Agreement, and regulation 13

In these Regulations —

“qualifying collective investment scheme” means a collective investment scheme constituted in Singapore —

that is authorised under section 286 of the Securities and Futures Act 2001; or

the units of which are or are to be the subject of an offer or intended offer to which Subdivisions (2) and (3) of Division 2 of Part 13 of that Act do not apply or apply with modifications by reason of section 304 or 305 of that Act; and

the expressions “approved exchange”, “collective investment scheme” and “unit” have the meanings given to them in the Securities and Futures Act 2001.

In these Regulations, expressions defined in the Agreement but not in the Act or these Regulations have the same meanings as in the Agreement.

The following table lists the places where expressions in these Regulations are defined or otherwise explained:First column Second columnExpression Referenceannuity contract Regulation 3(2) with paragraph 1(x) of Article 1 of the Agreementcash value insurance contract Regulation 3(2) with paragraph 1(y) of Article 1 of the Agreementexempt beneficial owner Regulation 3(2) with Sections I and II of Annex II to the Agreementfinancial account Regulation 3(2) with paragraph 1(s) of Article 1 of the Agreement, and regulation 13NFFE Regulation 3(2) with paragraph B(2) of Section VI of Annex I to the Agreementnon‑participating financial institution Regulation 3(2) with paragraph 1(r) of Article 1 of the Agreementnon‑reporting Singaporean financial institution Regulation 3(2) with paragraph 1(q) of Article 1 of the Agreement, and regulation 12U.S. reportable account Regulation 3(2) with paragraph 1(cc) of Article 1 of, and paragraph B(4) of Section I of Annex I to, the Agreement, and regulation 13

In these Regulations, “financial institution” means —

a custodial institution;

a depository institution;

an investment entity; or

a specified insurance company.

In these Regulations, “reporting Singaporean financial institution” means —

any financial institution that is a tax resident in Singapore, or incorporated, formed or established under the laws of Singapore, but excludes any branch of the financial institution located outside Singapore; or

a branch located in Singapore of a financial institution that is not a tax resident in Singapore, nor incorporated, formed or established under the laws of Singapore,but excludes any non‑reporting Singaporean financial institution other than one to which a number known as a “Global Intermediary Identification Number” (GIIN) has been properly allocated by the Internal Revenue Service in the United States of America for the purposes of FATCA.

In these Regulations, “financial institution” means —

a custodial institution;

a depository institution;

an investment entity; or

a specified insurance company.

In these Regulations, “reporting Singaporean financial institution” means —

any financial institution that is a tax resident in Singapore, or incorporated, formed or established under the laws of Singapore, but excludes any branch of the financial institution located outside Singapore; or

a branch located in Singapore of a financial institution that is not a tax resident in Singapore, nor incorporated, formed or established under the laws of Singapore,but excludes any non‑reporting Singaporean financial institution other than one to which a number known as a “Global Intermediary Identification Number” (GIIN) has been properly allocated by the Internal Revenue Service in the United States of America for the purposes of FATCA.

In these Regulations, “custodial institution” means —

the holder of a capital markets services licence under the Securities and Futures Act 2001 for carrying out the regulated activity of providing custodial services for specified products;

a person (other than an individual) that is exempt under section 99(1)(a) to (d), (g) and (h) of the Securities and Futures Act 2001 read with paragraph 6 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10), from the requirement to hold a capital markets services licence to carry out the regulated activity of providing custodial services for specified products;

a licensed trust company under the Trust Companies Act 2005; or

any other person (other than an individual) that holds, as a substantial portion of the person’s business (within the meaning of paragraph 1(h) of Article 1 of the Agreement), financial assets for the account of others.

A person is not a custodial institution for the purposes of paragraph (1) if it is an NFFE that meets the criteria in paragraph B(4)(e) of Section VI of Annex I to the Agreement.

In these Regulations, “custodial institution” means —

the holder of a capital markets services licence under the Securities and Futures Act 2001 for carrying out the regulated activity of providing custodial services for specified products;

a person (other than an individual) that is exempt under section 99(1)(a) to (d), (g) and (h) of the Securities and Futures Act 2001 read with paragraph 6 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10), from the requirement to hold a capital markets services licence to carry out the regulated activity of providing custodial services for specified products;

a licensed trust company under the Trust Companies Act 2005; or

any other person (other than an individual) that holds, as a substantial portion of the person’s business (within the meaning of paragraph 1(h) of Article 1 of the Agreement), financial assets for the account of others.

A person is not a custodial institution for the purposes of paragraph (1) if it is an NFFE that meets the criteria in paragraph B(4)(e) of Section VI of Annex I to the Agreement.

In these Regulations, “depository institution” means —

a bank that holds a licence under section 7 or 79 of the Banking Act 1970;

a finance company licensed under the Finance Companies Act 1967; or

a merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970.

In these Regulations, “investment entity” means —

the holder of a capital markets services licence under the Securities and Futures Act 2001 to carry out one or more of the following regulated activities:

dealing in capital markets products;

fund management;

real estate investment trust management;

[Deleted by S 743/2024 wef 01/08/2024]

a person (other than an individual) that is exempt under section 99(1)(a) to (d) and (h) of the Securities and Futures Act 2001 read with paragraph 2, 3, 3A, 4 or 5 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations, from the requirement to hold a capital markets services licence to carry out one or more of the regulated activities under sub‑paragraph (a);

a licensed trust company under the Trust Companies Act 2005;

a qualifying collective investment scheme (if it is a person) or the distributor, manager or trustee of a qualifying collective investment scheme (if it is not a person); or

any other person (other than an individual) that conducts as a business (or is managed by a person that conducts as a business) one or more of the activities set out in paragraph 1(j)(1), (2) and (3) of Article 1 of the Agreement, for or on behalf of a customer.

In paragraph (1), “dealing in capital markets products”, “fund management” and “real estate investment trust management” have the meanings given to those expressions in Part 2 of the Second Schedule to the Securities and Futures Act 2001.

Paragraph (1)(e) does not apply to a qualifying collective investment scheme whose only assets are immovable properties legally or beneficially owned, or legally and beneficially owned, by the qualifying collective investment scheme or by its distributor, manager or trustee, as the case may be.

Paragraph (1)(f) does not apply to a person whose only business assets are immovable properties legally or beneficially owned, or legally and beneficially owned, by the person.

Paragraph (1)(c) excludes a person that is exempt under section 99(1)(h) of the Securities and Futures Act 2001 read with paragraph 2(1)(a) or (e) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations, from the requirement to hold a capital markets services licence to carry on business in dealing in capital markets products, and carries on business in dealing in capital markets products for the person’s own account.

A person is not an investment entity for the purposes of paragraph (1) if —

[Deleted by S 553/2026 wef 11/08/2026]

the person is an NFFE that meets the criteria in paragraph B(4)(e) of Section VI of Annex I to the Agreement.

In these Regulations, “investment entity” means —

the holder of a capital markets services licence under the Securities and Futures Act 2001 to carry out one or more of the following regulated activities:

dealing in capital markets products;

fund management;

real estate investment trust management;

[Deleted by S 743/2024 wef 01/08/2024]

a person (other than an individual) that is exempt under section 99(1)(a) to (d) and (h) of the Securities and Futures Act 2001 read with paragraph 2, 3, 3A, 4 or 5 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations, from the requirement to hold a capital markets services licence to carry out one or more of the regulated activities under sub‑paragraph (a);

a licensed trust company under the Trust Companies Act 2005;

a qualifying collective investment scheme (if it is a person) or the distributor, manager or trustee of a qualifying collective investment scheme (if it is not a person); or

any other person (other than an individual) that conducts as a business (or is managed by a person that conducts as a business) one or more of the activities set out in paragraph 1(j)(1), (2) and (3) of Article 1 of the Agreement, for or on behalf of a customer.

In paragraph (1), “dealing in capital markets products”, “fund management” and “real estate investment trust management” have the meanings given to those expressions in Part 2 of the Second Schedule to the Securities and Futures Act 2001.

Paragraph (1)(e) does not apply to a qualifying collective investment scheme whose only assets are immovable properties legally or beneficially owned, or legally and beneficially owned, by the qualifying collective investment scheme or by its distributor, manager or trustee, as the case may be.

Paragraph (1)(f) does not apply to a person whose only business assets are immovable properties legally or beneficially owned, or legally and beneficially owned, by the person.

Paragraph (1)(c) excludes a person that is exempt under section 99(1)(h) of the Securities and Futures Act 2001 read with paragraph 2(1)(a) or (e) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations, from the requirement to hold a capital markets services licence to carry on business in dealing in capital markets products, and carries on business in dealing in capital markets products for the person’s own account.

A person is not an investment entity for the purposes of paragraph (1) if —

[Deleted by S 553/2026 wef 11/08/2026]

the person is an NFFE that meets the criteria in paragraph B(4)(e) of Section VI of Annex I to the Agreement.

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.