Common use of Suspension of Rules Relating to Non-Consenting U.S. Accounts Clause in Contracts

Suspension of Rules Relating to Non-Consenting U.S. Accounts. a) Subject to subparagraph 2(b) of this Article, the United States shall not require a Reporting Austrian Financial Institution to withhold tax under section 1471 or 1472 of the U.S. Internal Revenue Code with respect to an account held by a recalcitrant account holder (as defined in section 1471(d)(6) of the U.S. Internal Revenue Code), or to close such account, if: (i) the Reporting Austrian Financial Institution complies with the directives in paragraph 1 of Article 2 of this Agreement with respect to the account; and (ii) the Austrian Competent Authority exchanges with the U.S. Competent Authority the requested information described in subparagraph 2(a) of Article 2 of this Agreement within eight months from the date of the receipt of such request. b) If the condition of subparagraph 2(a)(ii) of this Article is not fulfilled, the Reporting Austrian Financial Institution shall be required either to immediately close the account or to treat the account as held by a recalcitrant account holder as defined in relevant U.S. Treasury Regulations, including by withholding tax where required by those U.S. Treasury Regulations, beginning on the date that is eight months after the date of the receipt of the request described in subparagraph 2(a) of Article 2 of this Agreement and ending on the date on which the Austrian Competent Authority exchanges the requested information with the U.S. Competent Authority.

Suspension of Rules Relating to Non-Consenting U.S. Accounts. a) Subject to subparagraph 2(b) of this Article, the United States shall not require a Reporting Austrian San Marino Financial Institution to withhold tax under section 1471 or 1472 of the U.S. Internal Revenue Code with respect to an account held by a recalcitrant account holder (as defined in section 1471(d)(6) of the U.S. Internal Revenue Code), or to close such account, if: (i) the Reporting Austrian San Marino Financial Institution complies with the directives in paragraph 1 of Article 2 of this Agreement with respect to the account; and (ii) the Austrian San Marino Competent Authority exchanges with the U.S. Competent Authority the requested information described in subparagraph 2(a) of Article 2 of this Agreement within eight six months from the date of the receipt of such request. b) If the condition of subparagraph 2(a)(ii) of this Article is not fulfilled, the Reporting Austrian San Marino Financial Institution shall be required either to immediately close the account or to treat the account as held by a recalcitrant account holder as defined in relevant U.S. Treasury Regulations, including by withholding tax where required by those U.S. Treasury Regulations, beginning on the date that is eight six months after the date of the receipt of the request described in subparagraph 2(a) of Article 2 of this Agreement and ending on the date on which the Austrian San Marino Competent Authority exchanges the requested information with the U.S. Competent Authority.

Suspension of Rules Relating to Non-Consenting U.S. Accounts. (a) Subject to subparagraph 2(b) of this Article, the United States shall not require a Reporting Austrian San Marino Financial Institution to withhold tax under section 1471 or 1472 of the U.S. Internal Revenue Code with respect to an account held by a recalcitrant account holder (as defined in section 1471(d)(6) of the U.S. Internal Revenue Code), or to close such account, if: (i) the Reporting Austrian San Marino Financial Institution complies with the directives in paragraph 1 of Article 2 of this Agreement with respect to the account; and (ii) the Austrian San Marino Competent Authority exchanges with the U.S. Competent Authority the requested information described in subparagraph 2(a) of Article 2 of this Agreement within eight six months from the date of the receipt of such request. (b) If the condition of subparagraph 2(a)(ii) of this Article is not fulfilled, the Reporting Austrian San Marino Financial Institution shall be required either to immediately close the account or to treat the account as held by a recalcitrant account holder as defined in relevant U.S. Treasury Regulations, including by withholding tax where required by those U.S. Treasury Regulations, beginning on the date that is eight six months after the date of the receipt of the request described in subparagraph 2(a) of Article 2 of this Agreement and ending on the date on which the Austrian San Marino Competent Authority exchanges the requested information with the U.S. Competent Authority.