Income Tax (International Tax Compliance Agreements) (United States of America) (Amendment) Regulations 2024

No. S 742

Income Tax Act 1947

Income Tax
(International Tax Compliance Agreements)
(United States of America)
(Amendment) Regulations 2024

In exercise of the powers conferred by section 105P of the Income Tax Act 1947, the Minister for Finance makes the following Regulations:

Citation and commencement

1.—(1) These Regulations are the Income Tax (International Tax Compliance Agreements) (United States of America) (Amendment) Regulations 2024 and, except for regulations 2(c), 6(a) and (c) and 7, come into operation on 27 September 2024.

(2) Regulation 6(c) is deemed to have come into operation on 4 June 2018.

(3) Regulation 7 is deemed to have come into operation on 31 December 2021.

(4) Regulation 6(a) is deemed to have come into operation on 1 March 2022.

(5) Regulation 2(c) is deemed to have come into operation on 1 August 2024.

Amendment of regulation 7

2. In the Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2015 (G.N. No. S 134/2015) (called in these Regulations the principal Regulations), in regulation 7 —

(a)	in paragraphs (1)(a)(i) and (5)(a), replace “securities” with “capital markets products”;
(b)	in paragraph (1)(a), delete sub‑paragraphs (ii) and (iii);
(c)	in paragraph (1), delete sub‑paragraph (b); and
(d)	in paragraph (2), replace “ “dealing in securities”, “trading in futures contracts”, “leveraged foreign exchange trading”,” with “ “dealing in capital markets products”,”.

Amendment of regulation 10

3. In the principal Regulations, in regulation 10(6), replace “http://www.iras.gov.sg/irasHome/fatca/” with “https://www.iras.gov.sg”.

Amendment of regulation 12

4. In the principal Regulations, in regulation 12(5), replace “http://www.iras.gov.sg/irasHome/fatca/” with “https://www.iras.gov.sg”.

Amendment of regulation 13

5. In the principal Regulations, in regulation 13(2), in the definition of “financial institution with a local client base”, in paragraph (a), replace “the Monetary Authority of Singapore Act 1970 or licensed or otherwise regulated under any other written law specified in the Schedule to that Act” with “section 4 of the Financial Services and Markets Act 2022 or licensed or otherwise regulated under any other written law specified in the Schedule to the Monetary Authority of Singapore Act 1970”.

Amendment of regulation 14

6. In the principal Regulations, in regulation 14 —

(a)	in paragraph (1)(f), replace “section 15(8)(e)” with “section 15AA(3)(b)”;
(b)	in paragraph (2), replace “paragraph (1)” with “paragraphs (1) and (2A)”; and
(c)	in paragraph (5), replace “section 30A” with “section 127”.

Miscellaneous amendments

7. In the principal Regulations —

(a)

in the following provisions, replace “(Cap. 289)” with “2001”:

Regulation 3(1)(a)(i)

Regulation 5(1)(a)

Regulation 7(1)(a);

(b)

in regulation 3(1)(a)(ii), replace “Part XIII” with “Part 13”;

(c)

in the following provisions, after “Securities and Futures Act”, insert “2001”:

Regulation 3(1)(b)

Regulation 5(1)(b)

Regulation 7(1)(c) and (5)(a);

(d)

in regulation 5(1)(b), replace “(Cap. 289, Rg 10)” with “(Rg 10)”;

(e)

in the following provisions, replace “(Cap. 336)” with “2005”:

Regulation 5(1)(c)

Regulation 7(1)(d);

(f)

in the following provisions, replace “(Cap. 19)” with “1970”:

Regulation 6(a)

Regulation 13(2), paragraph (a)(i) of the definition of “local bank”;

(g)

in regulation 6(b), replace “(Cap. 108)” with “1967”;

(h)

in regulation 6(c), after “Banking Act”, insert “1970”;

(i)

in regulation 7(1)(b), delete “(Cap. 289, Rg 10)”;

(j)

in regulation 7(2), replace “Part II of the Second Schedule to the Securities and Futures Act” with “Part 2 of the Second Schedule to the Securities and Futures Act 2001”;

(k)

in the following provisions, replace “(Cap. 142)” with “1966”:

Regulation 8(a)

Regulation 14(3);

(l)

in regulation 8(b), delete “(Act 13 of 2013)”;

(m)

in the following provisions, replace “(Cap. 186)” with “1970”;

Regulation 13(2), definition of “central bank”

Regulation 14(5);

(n)

in regulation 13(2), in the definition of “financial institution with a local client base”, in paragraph (a), after “Monetary Authority of Singapore Act”, insert “1970”;

(o)

in regulation 13(2), in the definition of “local bank”, in paragraph (a)(ii), replace “(Cap. 62)” with “1979”;

(p)

in regulation 13(3), replace “(Cap. 329A)” with “1988”;

(q)

in regulation 14(1)(g), replace “(Cap. 38A, Rg 2)” with “(Rg 2)”;

(r)

in regulation 14(1)(h), replace “(Cap. 87A)” with “1992”;

(s)

in regulation 14(1)(i), after “Education Endowment and Savings Schemes Act”, insert “1992”;

(t)

in regulation 14(2), in the definition of “CPF Act”, replace “(Cap. 36)” with “1953”; and

(u)

in regulation 14(2), in the definition of “CPF Investment Regulations”, replace “(Cap. 36, Rg 9)” with “(Rg 9)”.

[G.N. Nos. S 729/2016; S 717/2020; S 475/2021]

Made on 25 September 2024.

LAI CHUNG HAN

Permanent Secretary (Development),
Ministry of Finance,
Singapore.

[AG/LEGIS/SL/134/2020/13]

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