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Accounts that are not U.S. reportable accounts

Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2015

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—(1) Without limiting the generality of paragraph A of Section V of Annex II to the Agreement, the following are excluded from the definition of “financial accounts” and are accordingly not “U.S. reportable accounts”:(a)any account maintained by a financial institution in which is deposited money withdrawn from an ordinary or special account of the Fund under any scheme in accordance with the CPF Investment Regulations, or an investment made under such scheme, the proceeds or benefits of which are required to be repaid into the Fund or a CPF Investment Account;(b)any insurance policy or investment‑linked insurance policy which is an investment made under any scheme in accordance with the CPF Investment Regulations, the proceeds or benefits of which are required to be repaid into the Fund or a CPF Investment Account;(c)any other investment made under any scheme in accordance with the CPF Investment Regulations, the proceeds or benefits of which are required to be repaid into the Fund or a CPF Investment Account;(d)any approved annuity purchased under section 15(6C)(b)(ii) of the CPF Act in force immediately before 1 January 2017, the surrender or residual value of which is required to be paid into the Fund;(e)any approved annuity purchased under section 15(6C)(b) of the CPF Act, where any part of the moneys used to purchase the approved annuity is required by regulations made under section 77(1)(o)(vi) of the CPF Act to be transferred into a retirement account of the Fund;(f)any pension, annuity or other benefit approved by the Board for the purposes of section 15AA(3)(b) of the CPF Act —(i)the surrender or residual value of which is required to be paid into the Fund; or(ii)in respect of which certain sums are required by regulations made under section 77(1)(o)(vii) of the CPF Act to be transferred into a retirement account of the Fund;(fa)any account maintained by a bank approved by the Board for the purposes of section 15 of the CPF Act, in which is deposited moneys under section 15(6C)(a) of that Act, or section 15(6C)(b)(i) of that Act in force immediately before 1 January 2017, and any interest on those moneys;(g)a Child Development Account as defined in regulation 2 of the Child Development Co-Savings Regulations (Rg 2);(h)an Edusave account as defined in section 2 of the Education Endowment and Savings Schemes Act 1992;(i)a PSE account as defined in section 2 of the Education Endowment and Savings Schemes Act 1992.(2) In paragraphs (1) and (2A) —“Board” means the Central Provident Fund Board constituted under section 3 of the CPF Act;“CPF Act” means the Central Provident Fund Act 1953;“CPF Investment Account” has the meaning given to that expression in the CPF Investment Regulations;“CPF Investment Regulations” means the Central Provident Fund (Investment Schemes) Regulations (Rg 9);“Fund” means the Central Provident Fund established under section 6 of the CPF Act.(2A) In sub‑paragraph 4(b) of paragraph A of section V of Annex II to the Agreement, “CPF Minimum Sum Schemes Regulations” means any regulations made under section 77(1) of the CPF Act to establish and regulate the Retirement Sum Schemes.(3) In paragraph B of Section V of Annex II to the Agreement, “certain term life insurance contracts” means life policies (as defined in section 2 of the Insurance Act 1966) each of which has a coverage period that will end before the insured individual attains the age of 90, and which satisfies all of the requirements in paragraph B(1) to (4) of Section V of Annex II to the Agreement.(4) Any account maintained by a financial institution for an exempt beneficial owner is not a U.S. reportable account.(5) The reference in paragraph (4) to an account maintained for an exempt beneficial owner, in a case where the exempt beneficial owner is a governmental entity referred to in Section I of Annex II to the Agreement read with the definition of that term in regulation 13(2), includes an account maintained for any Government fund, statutory fund, or other fund administered by a governmental entity, and includes (to avoid doubt) the Financial Sector Development Fund established under section 127 of the Monetary Authority of Singapore Act 1970.

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