Singaporean Reportable Account definition
Singaporean Reportable Account means a Financial Account that is maintained by a Swiss Reporting Financial Institution and held by one or more Singaporean Persons that are Reportable Persons or by a Passive Non-Financial Entity with one or more Controlling Persons that is a Singaporean Reportable Person.
Singaporean Reportable Account means a Financial Account maintained by a Reporting U.S. Financial Institution if: (i) in the case of a Depository Account, the account is held by an individual resident in Singapore and more than $10 of interest is paid to such account in any given calendar year; or (ii) in the case of a Financial Account other than a Depository Account, the Account Holder is a resident of Singapore, including an Entity that certifies that it is resident in Singapore for tax purposes, with respect to which U.S. source income that is subject to reporting under chapter 3 of subtitle A or chapter 61 of subtitle F of the U.S. Internal Revenue Code is paid or credited.
Examples of Singaporean Reportable Account in a sentence
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 Singapore, and the amount and characterization of payments made with respect to a Singaporean Reportable Account may be determined in accordance with principles of U.S. federal income tax law.