PART 1 | 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. |
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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 2001; or [S 742/2024 wef 31/12/2021] | | (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 13 of that Act do not apply or apply with modifications by reason of section 304 or 305 of that Act; and [S 742/2024 wef 31/12/2021] |
| | (b) | the expressions “approved exchange”, “collective investment scheme” and “unit” have the meanings given to them in the Securities and Futures Act 2001. [S 742/2024 wef 31/12/2021] |
| (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: | | |
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| | | 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 |
| | | | Regulation 3(2) with Sections I and II of Annex II to the Agreement |
| | | | Regulation 3(2) with paragraph 1(q) of Article 1 of the Agreement, and regulation 14 |
| | | | 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 |
| | | | 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 |
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| 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. |
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| 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 2001 for carrying out the regulated activity of providing custodial services for securities; [S 742/2024 wef 31/12/2021] | | (b) | a person who is exempted under section 99(1)(a) to (d), (g) and (h) of the Securities and Futures Act 2001 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; [S 742/2024 wef 31/12/2021] | | (c) | a licensed trust company under the Trust Companies Act 2005; or [S 742/2024 wef 31/12/2021] | | (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. |
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| Meaning of “depository institution” |
6. In these Regulations, “depository institution” means —| (a) | a bank that holds a licence under section 7 or 79 of the Banking Act 1970; [S 475/2021 wef 01/07/2021] [S 742/2024 wef 31/12/2021] | | (b) | a finance company licensed under the Finance Companies Act 1967; or [S 742/2024 wef 31/12/2021] | | (c) | a merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970. [S 475/2021 wef 01/07/2021] [S 742/2024 wef 31/12/2021] |
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| 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 2001 to carry out one or more of the following regulated activities:| (i) | dealing in capital markets products; [S 742/2024 wef 27/09/2024] | | (ii) | [Deleted by S 742/2024 wef 27/09/2024] | | (iii) | [Deleted by S 742/2024 wef 27/09/2024] | | (iv) | fund management; | | (v) | real estate investment trust management; [S 742/2024 wef 31/12/2021] |
| | (b) | [Deleted by S 742/2024 wef 01/08/2024] | | (c) | a person who is exempted 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 under sub‑paragraph (a); [S 742/2024 wef 31/12/2021] | | (d) | a licensed trust company under the Trust Companies Act 2005; [S 742/2024 wef 31/12/2021] | | (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 capital markets products”, “fund management” and “real estate investment trust management” have the meanings given to those expressions in Part 2 of the Second Schedule to the Securities and Futures Act 2001. [S 742/2024 wef 31/12/2021] [S 742/2024 wef 27/09/2024] |
| (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 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; or [S 742/2024 wef 31/12/2021] [S 742/2024 wef 27/09/2024] | | (b) | the person is an NFFE that meets the criteria in paragraph B(4)(e) of Section VI of Annex I to the Agreement. |
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| 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 1966; [S 742/2024 wef 31/12/2021] | | (b) | a designated financial holding company under the Financial Holding Companies Act 2013 of a licensed insurer. [S 742/2024 wef 31/12/2021] |
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