No. S 134
Income Tax Act
(CHAPTER 134)
Income Tax (International Tax Compliance
Agreements) (United States of America)
Regulations 2015
In exercise of the powers conferred by section 105P of the Income Tax Act, the Minister for Finance makes the following Regulations:
PART 1
PRELIMINARY
Citation and commencement
1.  These Regulations may be cited as the Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2015 and come into operation on 18 March 2015.
Implementation of Agreement
2.—(1)  These Regulations have effect for and in connection with the implementation of obligations arising under the agreement reached between the Government of the Republic of Singapore (called the Government) and the Government of the United States of America to improve international tax compliance and to implement the Foreign Account Tax Compliance Act (referred to in these Regulations as FATCA), signed on 9 December 2014 (referred to in these Regulations as the Agreement).
(2)  The Agreement as signed on 9 December 2014 is set out in the Schedule.
General definitions
3.—(1)  In these Regulations —
(a)“qualifying collective investment scheme” means a collective investment scheme constituted in Singapore —
(i)that is authorised under section 286 of the Securities and Futures Act (Cap. 289); or
(ii)the units of which are or are to be the subject of an offer or intended offer to which Subdivisions (2) and (3) of Division 2 of Part XIII of that Act do not apply or apply with modifications by reason of section 304 or 305 of that Act; and
(b)the expressions “approved exchange”, “collective investment scheme” and “unit” have the meanings given to them in the Securities and Futures Act.
(2)  In these Regulations, expressions defined in the Agreement but not in the Act or these Regulations have the same meaning as in the Agreement.
(3)  The following table lists the places where expressions in these Regulations are defined or otherwise explained:
First column
 
Second column
Expression
 
Reference
annuity contract
 
Regulation 3(2) with paragraph 1(v) of Article 1 of the Agreement
cash value insurance
contract
 
Regulation 3(2) with paragraph 1(w) of Article 1 of the Agreement
exempt beneficial
owner
 
Regulation 3(2) with Sections I and II of Annex II to the Agreement
financial account
 
Regulation 3(2) with paragraph 1(q) of Article 1 of the Agreement, and regulation 14
NFFE
 
Regulation 3(2) with paragraph B(2) of Section VI of Annex I to the Agreement
non‑participating
financial institution
 
Regulation 3(2) with paragraph 1(p) of Article 1 of the Agreement, and regulation 11(5)
non‑reporting
Singaporean financial
institution
 
Regulation 3(2) with paragraph 1(o) of Article 1 of the Agreement, and regulation 13
U.S. reportable
account
 
Regulation 3(2) with paragraph 1(y) of Article 1 of, and paragraph B(4) of Section I of Annex I to, the Agreement, and regulation 14
Meanings of “financial institution” and “reporting Singaporean financial institution”
4.—(1)  In these Regulations, “financial institution” means —
(a)a custodial institution;
(b)a depository institution;
(c)an investment entity; or
(d)a specified insurance company.
(2)  In these Regulations, “reporting Singaporean financial institution” means —
(a)any financial institution that is a tax resident in Singapore, or incorporated, formed or established under the laws of Singapore, but excludes any branch of the financial institution located outside Singapore; or
(b)a branch located in Singapore of a financial institution that is not tax resident in Singapore, nor incorporated, formed or established under the laws of Singapore,
but excludes any non‑reporting Singaporean financial institution other than one to which a number known as a “Global Intermediary Identification Number” (GIIN) has been properly allocated by the Internal Revenue Service in the United States of America for the purposes of FATCA.
Meaning of “custodial institution”
5.—(1)  In these Regulations, “custodial institution” means —
(a)the holder of a capital markets services licence under the Securities and Futures Act (Cap. 289) for carrying out the regulated activity of providing custodial services for securities;
(b)a person who is exempted under section 99(1)(a) to (d), (g) and (h) of the Securities and Futures Act read with paragraph 6 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Cap. 289, Rg 10), from the requirement to hold a capital markets services licence to carry out the regulated activity of providing custodial services for securities;
(c)a licensed trust company under the Trust Companies Act (Cap. 336); or
(d)any other person that holds, as a substantial portion of the person’s business (within the meaning of paragraph 1(h) of Article 1 of the Agreement), financial assets for the account of others.
(2)  A person is not a custodial institution for the purposes of paragraph (1) if it is an NFFE that meets the criteria in paragraph B(4)(e) of Section VI of Annex I to the Agreement.
Meaning of “depository institution”
6.  In these Regulations, “depository institution” means —
(a)a bank licensed under the Banking Act (Cap. 19);
(b)a finance company licensed under the Finance Companies Act (Cap. 108); or
(c)a merchant bank approved as a financial institution under the Monetary Authority of Singapore Act (Cap. 186).
Meaning of “investment entity”
7.—(1)  In these Regulations, “investment entity” means —
(a)the holder of a capital markets services licence under the Securities and Futures Act (Cap. 289) to carry out one or more of the following regulated activities:
(i)dealing in securities;
(ii)trading in futures contracts;
(iii)leveraged foreign exchange trading;
(iv)fund management;
(v)real estate investment trust management;
(b)a corporation registered under paragraph 5(7) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Cap. 289, Rg 10) as a Registered Fund Management Company;
(c)a person who is exempted under section 99(1)(a) to (d) and (h) of the Securities and Futures Act 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 under sub‑paragraph (a);
(d)a licensed trust company under the Trust Companies Act (Cap. 336);
(e)a qualifying collective investment scheme (if it is a person) or the distributor, manager or trustee of a qualifying collective investment scheme (if it is not a person); or
(f)any other person that conducts as a business (or is managed by a person that conducts as a business) one or more of the activities set out in paragraph 1(j)(1) to (3) of Article 1 of the Agreement, for or on behalf of a customer.
(2)  In paragraph (1), “dealing in securities”, “trading in futures contracts”, “leveraged foreign exchange trading”, “fund management” and “real estate investment trust management” have the meanings given to those expressions in Part II of the Second Schedule to the Securities and Futures Act.
(3)  Paragraph (1)(e) does not apply to a qualifying collective investment scheme whose only assets are immovable properties legally or beneficially owned, or legally and beneficially owned, by the qualifying collective investment scheme or by its distributor, manager or trustee (as the case may be).
(4)  Paragraph (1)(f) does not apply to a person whose only business assets are immovable properties legally or beneficially owned, or legally and beneficially owned, by the person.
(5)  A person is not an investment entity for the purposes of paragraph (1) if —
(a)the person is exempt under section 99(1)(h) of the Securities and Futures Act 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 securities for the person’s own account; or
(b)the person is an NFFE that meets the criteria in paragraph B(4)(e) of Section VI of Annex I to the Agreement.
Meaning of “specified insurance company”
8.  In these Regulations, “specified insurance company” means any of the following persons that issues, or is obligated to make payment with respect to a cash value insurance contract or an annuity contract:
(a)a licensed insurer under the Insurance Act (Cap. 142);
(b)a designated financial holding company under the Financial Holding Companies Act 2013 (Act 13 of 2013) of a licensed insurer.
Made on 17 March 2015.
LIM SOO HOON
Permanent Secretary
(Finance) (Performance),
Ministry of Finance,
Singapore.
[R32.2.0001.V.31; AG/LLRD/SL/134/2010/57 Vol. 2]