Singapore legislation
Regulation 10
of Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2015
Regulation 10
Reporting obligation
Subregulation 1
A reporting Singaporean financial institution must, in respect of 2014 and every following calendar year, prepare and provide to the Comptroller, or a person authorised by the Comptroller under section 105L of the Act, a return setting out the required information in relation to every U.S. reportable account that is maintained by the institution at any time during the calendar year in question.
Subregulation 1A
Paragraph (1) does not apply in respect of any calendar year after 2020.
Subregulation 2
The required information is all the information in relation to the U.S. reportable account that the Government is required to obtain to fulfil its obligations under the Agreement with respect to that calendar year, as described in Articles 2 and 3 of the Agreement.
Subregulation 3
To avoid doubt, the required information in respect of 2017 and every following calendar year includes the information described in paragraph 2(a) of Article 2 of the Agreement in relation to every U.S. reportable account maintained by the reporting Singaporean financial institution as at 30 June 2014.
Subregulation 4
If, during the calendar year in question, the reporting Singaporean financial institution maintains no U.S. reportable accounts, the return must state that fact.
Subregulation 5
The reporting Singaporean financial institution must send a return under this regulation to the Comptroller or a person authorised by the Comptroller under section 105L of the Act, on or before 31st May of the year following the calendar year to which the return relates, or such further time as the Comptroller may permit.
Subregulation 6
The return must be furnished in the format described on the Internet website at https://www.iras.gov.sg.
Subregulation 7
An investment entity referred to in regulation 7(1)(e) need not comply with paragraph (1) in relation to a U.S. reportable account that is maintained for units in a collective investment scheme that are listed for quotation on an approved exchange, if the approved exchange itself complies with that paragraph in relation to that account.
Subregulation 8
The investment entity referred to in paragraph (7) is considered as not maintaining the account referred to in that paragraph for the purposes of paragraph (4), and must accordingly, if it maintains no other U.S. reportable account, state in its return that it maintains no U.S. reportable account.