Singapore legislation
Regulation 11
of Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016
Regulation 11
Meaning of “financial account”
Subregulation 1
In these Regulations, “financial account” has the same meaning as “Financial Account” in sub‑paragraph C(1) of section VIII of the CRS, as modified by paragraphs (2) and (3).
Subregulation 2
In sub‑paragraph C(1) of section VIII of the CRS, “Excluded Account” includes the following: (a)any account maintained by a financial institution in which is deposited money withdrawn from an ordinary or special account of the Fund under any scheme in accordance with the CPF Investment Regulations, the proceeds or benefits of which are required to be transferred into the Fund or a CPF Investment Account;
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.
Subregulation 3
The date mentioned in sub‑paragraph C(17)(f)(ii) of section VIII of the CRS is 1 January 2017.
Subregulation 4
In paragraph (2) —
Definition
“Board” means the Central Provident Fund Board constituted under section 3 of the CPF Act;
Definition
“CPF Act” means the Central Provident Fund Act 1953;
Definition
“CPF Investment Account” has the same meaning as in regulation 2 of the CPF Investment Regulations;
Definition
“CPF Investment Regulations” means the Central Provident Fund (Investment Schemes) Regulations (Rg 9);
Definition
“Fund” means the Central Provident Fund established under section 6 of the CPF Act;
Definition
“ordinary account”, “retirement account” and “special account” have the same meanings as in section 2(1) of the CPF Act.