Examples of Saint Kitts and Nevis in a sentence
The U.S. Competent Authority shall notify the Saint Kitts and Nevis Competent Authority when the U.S. Competent Authority has reason to believe that administrative errors or other minor errors may have led to incorrect or incomplete information reporting or resulted in other infringements of this Agreement.
Notwithstanding Article 1 of this Agreement and the definitions provided in the Annexes to this Agreement, in implementing this Agreement, Saint Kitts and Nevis may use, and may permit Saint Kitts and Nevis Financial Institutions to use, a definition in relevant U.S. Treasury Regulations in lieu of a corresponding definition in this Agreement, provided that such application would not frustrate the purposes of this Agreement.
With respect to U.S. Reportable Accounts maintained by a Reporting Saint Kitts and Nevis Financial Institution as of June 30, 2014, Saint Kitts and Nevis commits to establish, by January 1, 2017, for reporting with respect to 2017 and subsequent years, rules requiring Reporting Saint Kitts and Nevis Financial Institutions to obtain the U.S. TIN of each Specified U.S. Person as required pursuant to subparagraph 2(a) of Article 2 of this Agreement.
Subject to the provisions of Article 3 of this Agreement, Saint Kitts and Nevis shall obtain the information specified in paragraph 2 of this Article with respect to all U.S. Reportable Accounts and shall annually exchange this information with the United States on an automatic basis.
The United States shall treat as deemed-compliant FFIs or exempt beneficial owners, as appropriate, for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, Saint Kitts and Nevis retirement plans described in Annex II.
For this purpose, a Saint Kitts and Nevis retirement plan includes an Entity established or located in, and regulated by, Saint Kitts and Nevis, or a predetermined contractual or legal arrangement, operated to provide pension or retirement benefits or earn income for providing such benefits under the laws of Saint Kitts and Nevis and regulated with respect to contributions, distributions, reporting, sponsorship, and taxation.
For purposes of the exchange obligation in Article 2 of this Agreement, the amount and characterization of payments made with respect to a U.S. Reportable Account may be determined in accordance with the principles of the tax laws of Saint Kitts and Nevis.
Saint Kitts and Nevis may allow Reporting Saint Kitts and Nevis Financial Institutions to use third party service providers to fulfill the obligations imposed on such Reporting Saint Kitts and Nevis Financial Institutions by Saint Kitts and Nevis, as contemplated in this Agreement, but these obligations shall remain the responsibility of the Reporting Saint Kitts and Nevis Financial Institutions.
Such information may be disclosed in connection with court proceedings related to the performance of the obligations of Saint Kitts and Nevis under this Agreement.
The Saint Kitts and Nevis Competent Authority shall treat any information received from the United States pursuant to Article 5 of this Agreement as confidential and shall only disclose such information as may be necessary to carry out its obligations under this Agreement.