Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016

any competent authority agreement that is declared as an international tax compliance agreement under section 105K(1) of the Act; or

any future competent authority agreement that may be declared as an international tax compliance agreement under that section.

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 securities;

a person (other than an individual) that is exempt under section 99(1)(a) to (d) and (g) and (h) of that Act, 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 securities; and

a licensed trust company under the Trust Companies Act 2005.

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;

[Deleted by S 741/2024 wef 27/09/2024](iii)[Deleted by S 741/2024 wef 27/09/2024](iv)fund management;

real estate investment trust management;

[Deleted by S 741/2024 wef 01/08/2024](c)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, 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 mentioned in sub‑paragraph (a); and

a licensed trust company under the Trust Companies Act 2005.

the person is exempt under section 99(1)(h) of the Securities and Futures Act 2001 read with paragraph 2(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, and carries on business in dealing in capital markets products for the person’s own account;

the person is an active NFE that meets the criteria in sub‑paragraph D(9)(d) to (g) of section VIII of the CRS; or (c)the person’s only business assets are immovable properties in which the person has a non‑debt, direct interest, namely, a direct interest that does not arise from any debt owed to the person.

the bearer shares were issued before 1 January 2017; and

the investment entity has in place policies and procedures to —

cancel any bearer shares upon surrender of such shares to the investment entity;

perform the due diligence procedures set out in sections II to VII of the CRS with respect to any bearer shares when such shares are presented for redemption or other payment;

report to the Comptroller any information required to be reported by a reporting Singaporean financial institution under regulation 16(1) with respect to any bearer shares when such shares are presented for redemption or other payment; and

ensure that all bearer shares issued by it are redeemed or cancelled as soon as possible, and in any event prior to 1 January 2018.

the expressions “collective investment scheme” and “unit” have the same meanings as in section 2(1) of the Securities and Futures Act 2001; and

“statutory body” means any authority established by or under any public Act and whose income is exempt from tax by reason of section 13(1)(e) of the Act, and includes a Town Council established under the Town Councils Act 1988.

an investment made under any scheme in accordance with the CPF Investment Regulations, the proceeds or benefits of which are required to be transferred into the Fund or a CPF Investment Account;

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 transferred into the Fund or a CPF Investment Account;

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 that Act to be transferred into a retirement account of the Fund;

any pension, annuity or other benefit approved by the Board for the purposes of section 15AA(3)(b) of the CPF Act, in respect of which certain sums are required by regulations made under section 77(1)(o)(vii) of that Act to be transferred into a retirement account of the Fund;

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 15AA(3)(b) of that Act and any interest on those moneys;

a Child Development Account as defined in regulation 2 of the Child Development Co‑Savings Regulations (Rg 2);

an Edusave account as defined in section 2(1) of the Education Endowment and Savings Schemes Act 1992;

a PSE account as defined in section 2(1) of the Education Endowment and Savings Schemes Act 1992;

an account (other than an annuity contract) the balance or value of which does not exceed USD 1,000 and satisfies all of the following conditions:

the account holder has not, in the previous 3 years, initiated a transaction with the financial institution that maintains the account with regard to the account or any other account held by the account holder with the financial institution;

the account holder has not, in the previous 6 years, communicated with the financial institution that maintains the account with regard to the account or any other account held by the account holder with the financial institution;

where the account is a cash value insurance contract, the financial institution that maintains the account has not, in the previous 6 years, communicated with the account holder regarding the account or any other account held by the account holder with the financial institution;

an account maintained for the Financial Sector Development Fund established under section 127 of the Monetary Authority of Singapore Act 1970;

an account maintained by a bank that holds a licence under section 7 or 79 of the Banking Act 1970, in which is deposited the moneys in any maintenance fund established under section 16(2) or (3) of the Building Maintenance and Strata Management Act 2004 (called in this paragraph the BMSMA) in accordance with section 17(4) of the BMSMA;

an account maintained by a financial institution, in which is paid the moneys in any management fund or sinking fund established under section 38(1) or (4) of the BMSMA (as the case may be) in accordance with section 38(8) of that Act;

an account maintained by a financial institution, in which is paid the moneys in any management fund or sinking fund established under section 79(4)(a) of the BMSMA in accordance with section 38(8) of the BMSMA read with section 79(3) of that Act.

a financial institution that is or becomes a reporting Singaporean financial institution at any time between 1 January 2017 and 31 December 2017 (both dates inclusive) must apply for registration with the Comptroller in accordance with paragraph (3) by 31 March 2018; and

a financial institution that becomes a reporting Singaporean financial institution on a date after 31 December 2017 must apply for registration with the Comptroller in accordance with paragraph (3) by —

31 March of the calendar year following the calendar year in which the financial institution becomes a reporting Singaporean financial institution; or

such extended time as the Comptroller may allow in any particular case.

the institution is an investment entity; and

the institution only carries out one or both of the following activities as an investment entity:

rendering investment advice to a customer, and acting on behalf of that customer for the purpose of investing, managing or administering financial assets deposited in the name of that customer with another financial institution;

managing portfolios for a customer, and acting on behalf of that customer for the purpose of investing, managing or administering financial assets deposited in the name of that customer with another financial institution.

must be submitted using the electronic service, unless the Comptroller in any particular case permits it to be submitted in another manner; and

must contain the following particulars:

the name of the reporting Singaporean financial institution;

whether the reporting Singaporean financial institution is a custodial institution, depository institution, investment entity or specified insurance company, or is 2 or more of these;

the full name, address, designation and contact information of an individual authorised by the reporting Singaporean financial institution to be the institution’s point of contact for the purposes of these Regulations.

register the institution; and

issue the institution a notice of registration stating the date on which the institution is registered,unless the Comptroller has a reasonable excuse not to do so.

paragraph (1) read with paragraph (3);

paragraph (5),is a requirement under section 105M(1)(b) of the Act, the failure or neglect to comply with which (if such failure or neglect is without reasonable excuse) is an offence under section 105M(1) of the Act.

arrangements to establish all the residences for a tax purpose of —

the account holder of each financial account; and

where the account holder is a passive NFE, the controlling person of the passive NFE;

arrangements to identify whether a financial account is a reportable account.

the residence for a tax purpose of the account holder of the financial account is not a reportable jurisdiction; or

where the account holder of the financial account is a passive NFE, the residence for a tax purpose of any controlling person of the account holder is not a reportable jurisdiction.

in establishing and maintaining such arrangements, the institution complies with the due diligence requirements in sections II to VII of the CRS, as modified by regulation 15; and

where any provision in sections II to VII of the CRS, as modified by regulation 15, requires anything to be obtained in respect of any transaction in relation to a financial account, the institution keeps all information that is needed to explain the transaction.

apply the due diligence procedures set out in sections II to VII of the CRS for new accounts to pre‑existing accounts; and

apply the due diligence procedure set out in sections II to VII of the CRS for high value accounts to lower value accounts.

all evidence, record or information in relation to the financial account that it has obtained in accordance with paragraph (3);

a record of the steps it has taken in accordance with paragraph (3) in relation to the financial account.

in the case of any evidence, record or information mentioned in paragraph (5)(a) that identifies the account holder of the financial account, is a document establishing a business relation with the account holder or is correspondence with the account holder — 5 years after the closing of the financial account or the end of the business relation (as the case may be);

in the case of any evidence, record or information mentioned in paragraph (5)(a) relating to any transaction — 5 years after 31 December of the calendar year in which the reporting Singaporean financial institution is required to provide any information relating to the transaction to the Comptroller under regulation 16(1); and

in the case of any record mentioned in paragraph (5)(b) — 5 years after 31 December of the calendar year in which the reporting Singaporean financial institution is required to provide any information relating to the financial account to the Comptroller under regulation 16(1).

a valid self-certification to determine whether the person is a reportable person; and

in a case where the person is a passive NFE, one or more valid self-certifications to determine whether each controlling person of the passive NFE is a reportable person.

it is not possible for the institution to comply with paragraph (7); and (b)the institution obtained, as soon as practicable (but in any case not more than 90 days) after opening for the account holder a new account that is not a pre-existing account mentioned in regulation 15(13)(b) —

a valid self-certification to determine whether the account holder is a reportable person; and (ii)in a case where the account holder is a passive NFE, one or more valid self-certifications to determine whether each controlling person of the account holder is a reportable person.

complete its review of high value accounts by 31 December 2017; and

complete its review of lower value accounts by 31 December 2018.

the contract covers 25 or more certificate holders of the contract; (b)each certificate holder is an individual and is entitled to receive the contract value, or any part of that value, related to his or her interests and to name one or more beneficiaries for the benefit payable upon his or her death; (c)the aggregate amount payable to any certificate holder or beneficiary does not exceed USD 1,000,000.

the institution’s method of classification of the entity is based on a standardised industry coding system;

the institution implements the method of classification in a manner that is consistent with the institution’s AML/KYC procedures, or any other procedure that is carried out for any purpose (other than a tax purpose); (c)the institution implemented the method of classification before the date on which the institution classified the financial account of the entity as a pre‑existing entity account; and

the institution does not know and does not have any reason to believe that the institution’s classification of the entity is incorrect or unreliable.

a financial account maintained by the reporting Singaporean financial institution as of 31 December 2016; or

any other financial account maintained by the reporting Singaporean financial institution on or after 1 January 2017 if all of the following conditions are satisfied:

as of 31 December 2016, the account holder of the financial account has a financial account with the reporting Singaporean financial institution or a local entity that is related to the institution;

the reporting Singaporean financial institution treats one or more of the financial accounts mentioned in sub‑paragraph (a), of the account holder, and all other financial accounts of the account holder that are treated as pre‑existing accounts under sub‑paragraph (b) that are maintained by —

the institution; and

all local entities that are related to the institution (if any), as a single financial account for the purpose of determining whether an amount of any matter mentioned in a prescribed provision in respect of such single financial account, exceeds the maximum amount specified for that matter in that provision;

the reporting Singaporean financial institution does not know and does not have any reason to believe that any self‑certification or documentary evidence of the financial account or any of the financial accounts treated as a single financial account under sub‑paragraph (ii) is incorrect or unreliable;

where the reporting Singaporean financial institution is required by any written law to perform AML/KYC procedures on the financial account, the institution has performed the AML/KYC procedures on the financial account;

the reporting Singaporean financial institution does not require the provision of any new, additional or amended information by the account holder for the opening of the financial account, other than for the purposes of facilitating the compliance by the institution with regulation 14 or 16.

resident in Singapore (but not in relation to any branch of the entity located outside Singapore); or

not resident in Singapore (in relation to its branch located in Singapore).

one entity controls the other entity;

the 2 entities are controlled by the same person; or

all the following conditions are satisfied with respect to the 2 entities:

both entities satisfy the condition in sub‑paragraph A(6)(b) of section VIII of the CRS;

the assets of the 2 entities are managed by the same person; (iii)the person mentioned in sub‑paragraph (ii) complies with sections II to VII of the CRS with respect to the financial accounts that the 2 entities maintain.

in respect of calendar year 2017, all the information in relation to every reportable account that the institution maintained at any time during the calendar year, that the institution is required to report under section I of the CRS, except sub‑paragraph A(5)(b) of that section;

in respect of every calendar year after 2017, all the information in relation to every reportable account that the institution maintained at any time during the calendar year, that the institution is required to report under section I of the CRS.

the trust is a passive NFE; and

the institution knows that the beneficiary did not receive any distribution from the trust in that calendar year.

the institution is an investment entity; and

the institution only carries out one or both of the following activities as an investment entity:

rendering investment advice to a customer, and acting on behalf of that customer for the purpose of investing, managing or administering financial assets deposited in the name of that customer with another financial institution;

managing portfolios for a customer, and acting on behalf of that customer for the purpose of investing, managing or administering financial assets deposited in the name of that customer with another financial institution.

paragraph (1) (read with paragraphs (5) and (6));

paragraph (3) (read with paragraphs (5) and (6)),is a requirement under section 105M(1)(b) of the Act, the failure or neglect to comply with which (if such failure or neglect is without reasonable excuse) is an offence under section 105M(1) of the Act.

despite regulation 3, “reportable account” has the same meaning as “Reportable Account” in sub‑paragraph D(1) of section VIII of the CRS and includes an undocumented account;

“documentary evidence” has the same meaning as “Documentary Evidence” in sub‑paragraph E(6) of section VIII of the CRS, as modified by regulation 15(12);

“pre‑existing account” has the same meaning as in regulation 15(13);

“undocumented account” means a pre‑existing account where —

the account holder is an individual;

the reporting Singaporean financial institution that maintains the account does not have any indicia mentioned in sub‑paragraph B(2) of section III of the CRS, except a hold mail or in‑care‑of address; and

the reporting Singaporean financial institution is unable to obtain any documentary evidence, or valid self‑certification from the account holder to establish the account holder’s residence for a tax purpose; and

“valid self‑certification” has the same meaning as in regulation 14(11).

all records, documentary evidence and information that is in the agent’s possession or under the agent’s control that the agent uses to carry out the institution’s obligations mentioned in paragraph (1); and

all records, documents and information that the agent obtains in the course of carrying out the institution’s obligations mentioned in paragraph (1).