Common use of FATCA Overview Clause in Contracts

FATCA Overview. (a) Effective from July 1, 2014, CTBC, its foreign branches and its affiliates within the expanded affiliate group (“EAG”), will take appropriate measures to comply with the U.S. Foreign Account Tax Compliance Act (“FATCA”). Such measures may impact the Account Holder’s rights and obligations. (b) The Account Holder acknowledges that the Bank has agreed to provide certain information belonging to U.S. citizens, and U.S. residents, as defined under the U.S. tax laws, to the U.S Internal Revenue Services (the “IRS”) with respect to each U.S. account maintained with the Bank. Such information may include: (a) the name, address, and taxpayer identifying number (TIN) of each U.S. account holder; (b) details of substantial U.S. shareholders/owners; (c) the account number; (d) the account balance or value; and (e) the gross receipts and gross withdrawals or payments to or from the said account. (i) Where the Account Holder is a U.S. person for tax purposes, the Account Holder shall submit a completed Form W-9 (Request for Taxpayer Identification Number and Certification) to the Bank. A U.S. person for U.S. tax purposes includes, but not limited to, (a) a U.S. citizen, or U.S. resident; (b) a corporation organized in the U.S. or under the Federal or State law of the U.S. or (c) a branch or representative office of a U.S. corporation or entity. (ii) Where the Account Holder is not a U.S. person for U.S. tax purposes, the Account Holder shall submit to the Bank certification of identity, including but not limited to, (a) a Form W-8BEN, (b) a substitute form for Form W-8BEN-E, or (c) a copy of identity card or passport, and/or (d) a certificate of Loss of Nationality of the United States (CLN). (c) The Bank, in compliance with the FATCA, assumes no responsibility or liability for any loss or damages, direct or indirect, to any Account Holder who is or becomes a U.S. taxpayer when the IRS considers that the personal information provided is incorrect or incomplete; including but not limited to the IRS Form W-8BEN, W-8BEN-E or W-9, self-certification form and a relevant identification certificate required under FATCA. (d) This article shall not be used or regarded as a tax or legal advice. For any tax or legal issues, the Account Holder shall seek independent advice from a qualified tax practitioner or legal counsel.

FATCA Overview. (a) 22.1.1 Effective from July 1, 2014, CTBC, its foreign branches and its affiliates within the expanded affiliate group (“EAG”), will take appropriate measures to comply with the U.S. Foreign Account Tax Compliance Act (“FATCA”). Such measures may impact the Account Holder’s rights and obligations. (b) 22.1.2 The Account Holder acknowledges that the Bank has agreed to provide certain information belonging to U.S. citizens, and U.S. residents, as defined under the U.S. tax laws, to the U.S Internal Revenue Services (the “IRS”) with respect to each U.S. account maintained with the Bank. Such information may include: (a) the name, address, and taxpayer identifying number (TIN) of each U.S. account holder; (b) details of substantial U.S. shareholders/owners; (c) the account number; (d) the account balance or value; and (e) the gross receipts and gross withdrawals or payments to or from the said account. (i) 22.1.2.1 Where the Account Holder is a U.S. person for tax purposes, the Account Holder shall submit a completed Form W-9 (Request for Taxpayer Identification Number and Certification) to the Bank. A U.S. person for U.S. tax purposes includes, but not limited to, (a) a U.S. citizen, or U.S. resident; (b) a corporation organized in the U.S. or under the Federal or State law of the U.S. or (c) a branch or representative office of a U.S. corporation or entity. (ii) 22.1.2.2 Where the Account Holder is not a U.S. person for U.S. tax purposes, the Account Holder shall submit to the Bank certification of identity, including but not limited to, (a) a Form W-8BEN, (b) a substitute form for Form W-8BEN-E, or (c) a copy of identity card or passport, and/or (d) a certificate of Loss of Nationality of the United States (CLN). (c) 22.1.3 The Bank, in compliance with the FATCA, assumes no responsibility or liability for any loss or damages, direct or indirect, to any Account Holder who is or becomes a U.S. taxpayer when the IRS considers that the personal information provided is incorrect or incomplete; including but not limited to the IRS Form W-8BEN, W-8BEN-E or W-9, self-certification form and a relevant identification certificate required under FATCA. (d) 22.1.4 This article shall not be used or regarded as a tax or legal advice. For any tax or legal issues, the Account Holder shall seek independent advice from a qualified tax practitioner or legal counsel.