Income Tax (International Tax Compliance Agreements) (United States of America) (Amendment No. 2) Regulations 2024

No. S 743

Income Tax Act 1947

Income Tax
(International Tax Compliance Agreements)
(United States of America)
(Amendment No. 2) 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 No. 2) Regulations 2024 and, except for regulations 2, 5(a) and 6, come into operation on 27 September 2024.

(2) Regulation 6 is deemed to have come into operation on 31 December 2021.

(3) Regulation 5(a) is deemed to have come into operation on 1 March 2022.

(4) Regulation 2 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 2020 (G.N. No. S 716/2020) (called in these Regulations the principal Regulations), in regulation 7(1), delete sub‑paragraph (b).

Amendment of regulation 10

3. In the principal Regulations, in regulation 10(5), replace “https://www.iras.gov.sg/irasHome/fatca/” with “https://www.iras.gov.sg”.

Amendment of regulation 12

4. In the principal Regulations, in regulation 12(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 13

5. In the principal Regulations, in regulation 13 —

(a)	in paragraph (1)(f), replace “section 15(8)(e)” with “section 15AA(3)(b)”; and
(b)	in paragraph (5), delete “, or section 30A of that Act as in force immediately before 4 June 2018”.

Miscellaneous amendments

6. In the principal Regulations —

(a)

in regulation 3(1)(a)(i), replace “(Cap. 289)” with “2001”;

(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)(a) and (b)

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

(d)

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

(e)

in regulation 5(1)(c), replace “(Cap. 336)” with “2005”;

(f)

in regulation 6(a), replace “(Cap. 19)” with “1970”;

(g)

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

(h)

in the following provisions, after “Banking Act”, insert “1970”:

Regulation 6(c)

Regulation 12(2), paragraph (a)(i) of the definition of “local bank”;

(i)

in regulation 7(1)(d), after “Trust Companies Act”, insert “2005”;

(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 regulation 8, replace “(Cap. 142)” with “1966”;

(l)

in the following provisions, after “Monetary Authority of Singapore Act”, insert “1970”:

Regulation 12(2), definition of “central bank”

Regulation 12(2), paragraph (a) of the definition of “financial institution with a local client base”

Regulation 13(5);

(m)

in regulation 12(2), in the definition of “local bank”, in paragraph (a)(ii), replace “(Cap. 62)” with “1979”;

(n)

in regulation 12(3), replace “(Cap. 329A)” with “1988”;

(o)

in regulation 13(1)(h), replace “(Cap. 38A, Rg 2)” with “(Rg 2)”;

(p)

in regulation 13(1)(i), replace “(Cap. 87A)” with “1992”;

(q)

in regulation 13(1)(j), after “Education Endowment and Savings Schemes Act”, insert “1992”;

(r)

in regulation 13(2), in the definition of “CPF Act”, replace “(Cap. 36)” with “1953”;

(s)

in regulation 13(2), in the definition of “CPF Investment Regulations”, replace “(Cap. 36, Rg 9)” with “(Rg 9)”; and

(t)

in regulation 13(3), after “Insurance Act”, insert “1966”.

[G.N. Nos. S 476/2021; S 870/2021]

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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