Aggregation of Individual Accounts. For purposes of determining the aggregate balance or value of Financial Accounts held by an individual, a Reporting Singaporean Financial Institution is required to aggregate all Financial Accounts maintained by the Reporting Singaporean Financial Institution, or by a Related Entity, but only to the extent that the Reporting Singaporean Financial Institution’s computerized systems link the Financial Accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances or values to be aggregated. Each holder of a jointly held Financial Account shall be attributed the entire balance or value of the jointly held Financial Account for purposes of applying the aggregation requirements described in this paragraph 1.
Appears in 7 contracts
Samples: Agreement Between the Government of the Republic of Singapore and the Government of the United States of America to Improve International Tax Compliance and to Implement Fatca, International Tax Compliance Agreement, International Tax Compliance Agreement
