Entity Accounts Not Required to Be Reviewed, Identified or Reported. Unless the Reporting Singaporean Financial Institution elects otherwise, either with respect to all New Entity Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Singapore provide for such election, a credit card account or a revolving credit facility treated as a New Entity Account is not required to be reviewed, identified, or reported, provided that the Reporting Singaporean Financial Institution maintaining such account implements policies and procedures to prevent an account balance owed to the Account Holder that exceeds $50,000.
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
Entity Accounts Not Required to Be Reviewed, Identified or Reported. Unless the Reporting Singaporean Financial Institution elects otherwise, either with respect to all New Preexisting Entity Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Singapore provide for such an election, a credit card account or a revolving credit facility treated as a New Preexisting Entity Account with an account balance or value that does not exceed $250,000 as of June 30, 2014, is not required to be reviewed, identified, or reported, provided that reported as a U.S. Reportable Account until the Reporting Singaporean Financial Institution maintaining such account implements policies and procedures to prevent an account balance owed to the Account Holder that or value exceeds $50,0001,000,000.
Appears in 4 contracts
Samples: International Tax Compliance Agreement, International Tax Compliance Agreement, International Tax Compliance Agreement
Entity Accounts Not Required to Be Reviewed, Identified or Reported. Unless the Reporting Singaporean Financial Institution elects otherwise, either with respect to all New Preexisting Entity Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Singapore provide for such an election, a credit card account or a revolving credit facility treated as a New Preexisting Entity Account with an account balance or value that does not exceed $250,000 as of the Determination Date, is not required to be reviewed, identified, or reported, provided that reported as a U.S. Reportable Account until the Reporting Singaporean Financial Institution maintaining such account implements policies and procedures to prevent an account balance owed to the Account Holder that or value exceeds $50,0001,000,000.
Appears in 3 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, 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