Non-Retirement Savings Accounts. An account maintained in Singapore (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of Singapore. a) The account is subject to regulation as a savings vehicle for purposes other than for retirement; b) The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of Singapore are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate) or state-subsidized; c) Withdrawals are conditioned on meeting specific criteria related to the purpose of the savings account (for example, the provision of educational or medical benefits), or penalties apply to withdrawals made before such criteria are met; and d) Annual contributions are limited to $50,000 or less or do not exceed $50,000, applying the rules set forth in Annex I for account aggregation and currency translation.
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
