Singapore legislation
Regulation 11
of Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2015
Regulation 11
Identification and disclosure obligations
Subregulation 1
A reporting Singaporean financial institution must establish and maintain arrangements that are designed to identify payments which are made —
in the calendar years 2015 and 2016; and
by the institution to non‑participating financial institutions.
Subregulation 2
Paragraph (1) applies only where the payment is made to a non‑participating financial institution as an account holder.
Subregulation 3
In this regulation, “payment” includes amounts credited to a financial account of a non‑participating financial institution.
Subregulation 4
A reporting Singaporean financial institution is entitled to regard a payment made by the institution to a financial institution as made to someone who is not a non‑participating financial institution only if it has, in respect of the payment, taken the steps referred to in paragraph D(3) of Section IV of Annex I to the Agreement.
Subregulation 5
In paragraphs (1) to (4), “non‑participating financial institution” includes anyone who is required to be treated as a non‑participating financial institution as a result of paragraph 5(a) of Article 4 of the Agreement.
Subregulation 6
A reporting Singaporean financial institution that comes within the terms of sub‑paragraph (e) of paragraph 1 of Article 4 of the Agreement must make a disclosure of information in accordance with the requirements of that sub‑paragraph.
Subregulation 6A
Paragraph (6) does not apply to information concerning any payment mentioned in sub‑paragraph (e) of paragraph 1 of Article 4 of the Agreement that is made on or after 1 January 2021.
Subregulation 7
A breach of paragraph (1) or (6) is an offence for the purposes of section 105M of the Act.