Agreement Between The Government Of The United States Of .
Agreement between the Government of the United States of America and the Governmentof Bermuda for Cooperation to Facilitate the Implementation of FATCAWhereas, the Government of the United States of America and the Government of Bermuda(each, a “Party,” and together, the “Parties”) seek to build on their existing relationship withrespect to mutual assistance in tax matters and desire to conclude an agreement to improve theircooperation in combating international tax evasion;Whereas, Article 3 of the Agreement between the Government of the United States of America and theGovernment of the United Kingdom of Great Britain and Northern Ireland (on Behalf of theGovernment of Bermuda) for the Exchange of Information with respect to Taxes, Done at WashingtonDC on December 2, 1988 (the “TIEA”), which is implemented in Bermuda by the USA BermudaTax Convention Act of 1986 (the “Act”), authorizes the exchange of information for tax purposes;Noting that the Government of the United Kingdom of Great Britain and Northern Ireland (the“United Kingdom”) provided a copy of a Letter of Entrustment, via diplomatic note [no.] of [date]to the Government of the United States of America in which the United Kingdom entrusts theGovernment of Bermuda to negotiate and conclude a [tax agreement with the United States oninformation exchange to facilitate implementation of the Foreign Account Tax Compliance Act ofAmerica];Whereas, the United States of America enacted provisions commonly known as the ForeignAccount Tax Compliance Act (“FATCA”), which introduce a reporting regime for financialinstitutions with respect to certain accounts;Whereas, the Government of Bermuda is supportive of the underlying policy goal of FATCA toimprove tax compliance;Whereas, FATCA has raised a number of issues, including that Bermuda financial institutionsmay not be able to comply with certain aspects of FATCA due to domestic legal impediments;Whereas, intergovernmental cooperation to facilitate FATCA implementation would addressthese issues and reduce burdens for Bermuda financial institutions;Whereas, the Parties desire to conclude an agreement to provide for cooperation to facilitate theimplementation of FATCA based on direct reporting by Bermuda financial institutions to theU.S. Internal Revenue Service, supplemented by the exchange of information upon requestpursuant to the TIEA and the Act, and subject to the confidentiality and other protectionsprovided for therein, including the provisions limiting the use of the information exchangedunder the TIEA and the Act;Now, therefore, the Parties have agreed as follows:Article 1Definitions1.For purposes of this agreement and any annexes thereto (“Agreement”), the following1
terms shall have the meanings set forth below:2
a)The term “United States” means the United States of America, including theStates thereof, but does not include the U.S. Territories. Any reference to a“State” of the United States includes the District of Columbia.b)The term “U.S. Territory” means American Samoa, the Commonwealth of theNorthern Mariana Islands, Guam, the Commonwealth of Puerto Rico, or the U.S.Virgin Islands.c)The term “IRS” means the U.S. Internal Revenue Service.d)The term “Bermuda” means the islands in the Atlantic Oceanknown as Bermudae)The term “Partner Jurisdiction” means a jurisdiction that has in effect anagreement with the United States to facilitate the implementation of FATCA.The IRS shall publish a list identifying all Partner Jurisdictions.f)The term “Competent Authority” means:1)in the case of the United States, the Secretary of the Treasury or hisdelegate; and2)in the case of Bermuda, the Minister of Finance or his delegate.g)The term “Financial Institution” means a Custodial Institution, a DepositoryInstitution, an Investment Entity, or a Specified Insurance Company.h)The term “Foreign Reportable Amount” means, in accordance with relevantU.S. Treasury Regulations, a payment of fixed or determinable annual orperiodical income that would be a withholdable payment if it were from sourceswithin the United States.i)The term “Custodial Institution” means any Entity that holds, as a substantialportion of its business, financial assets for the account of others. An entity holdsfinancial assets for the account of others as a substantial portion of its business ifthe entity’s gross income attributable to the holding of financial assets and relatedfinancial services equals or exceeds 20 percent of the entity’s gross income duringthe shorter of: (i) the three-year period that ends on December 31 (or the final dayof a non-calendar year accounting period) prior to the year in which thedetermination is being made; or (ii) the period during which the entity has been inexistence.j)The term “Depository Institution” means any Entity that accepts deposits inthe ordinary course of a banking or similar business.k)The term “Investment Entity” means any Entity that conducts as a business(or is managed by an entity that conducts as a business) one or more of thefollowing activities or operations for or on behalf of a customer:1)trading in money market instruments (cheques, bills, certificates of deposit,derivatives, etc.); foreign exchange; exchange, interest rate and indexinstruments; transferable securities; or commodity futures trading;3
2)individual and collective portfolio management; or3)otherwise investing, administering, or managing funds or money onbehalf of other persons.This subparagraph 1(k) shall be interpreted in a manner consistent with similarlanguage set forth in the definition of “financial institution” in the FinancialAction Task Force Recommendations.l)The term “Specified Insurance Company” means any Entity that is aninsurance company (or the holding company of an insurance company) thatissues, or is obligated to make payments with respect to, a Cash ValueInsurance Contract or an Annuity Contract.m)The term “Bermuda Financial Institution” means (i) any Financial Institutionorganized under the laws of Bermuda, but excluding any branch of such FinancialInstitution that is located outside Bermuda, and (ii) any branch of a FinancialInstitution not organized under the laws of Bermuda, if such branch is located inBermuda.n)The term “Partner Jurisdiction Financial Institution” means (i) any FinancialInstitution established in a Partner Jurisdiction, but excluding any branch of suchFinancial Institution that is located outside the Partner Jurisdiction, and (ii) anybranch of a Financial Institution not established in the Partner Jurisdiction, if suchbranch is located in the Partner Jurisdiction.o)The term “Reporting Bermuda Financial Institution” means any BermudaFinancial Institution that is not a Non-Reporting Bermuda Financial Institution.p)The term “Non-Reporting Bermuda Financial Institution” means anyBermuda Financial Institution, or other Entity resident in Bermuda, that isdescribed in Annex II as a Non-Reporting Bermuda Financial Institution or thatotherwise qualifies as a deemed-compliant FFI or an exempt beneficial ownerunder relevant U.S. Treasury Regulations.q)The term “Nonparticipating Financial Institution” means a nonparticipatingFFI, as that term is defined in relevant U.S. Treasury Regulations, but does notinclude a Bermuda Financial Institution or other Partner Jurisdiction FinancialInstitution other than a Financial Institution treated as a NonparticipatingFinancial Institution pursuant to paragraph 2 of Article 4 of this Agreement or thecorresponding provision in an agreement between the United States and a PartnerJurisdiction.r)The term “New Account” means a Financial Account opened by a ReportingBermuda Financial Institution on or after July 1, 2014.s)The term “U.S. Account” means a Financial Account maintained by a ReportingBermuda Financial Institution and held by one or more Specified U.S. Persons orby a Non-U.S. Entity with one or more Controlling Persons that is a Specified U.S.Person. Notwithstanding the foregoing, an account shall not be treated as a U.S.4
Account if such account is not identified as a U.S. Account after application of thedue diligence procedures in Annex I.t)The term “Non-Consenting U.S. Account” means a Financial Accountmaintained by a Reporting Bermuda Financial Institution as of June 30, 2014 withrespect to which (i) a Reporting Bermuda Financial Institution has determinedthat it is a U.S. Account in accordance with the due diligence procedures in AnnexI, (ii) the laws of Bermuda prohibit the reporting required under an FFIAgreement absent consent of the Account Holder, (iii) the Reporting BermudaFinancial Institution has sought, but was unable to obtain, the required consent toreport or the Account Holder’s U.S. TIN; and (iv) the Reporting BermudaFinancial Institution has reported, or was required to report, aggregate accountinformation to the IRS as prescribed under sections 1471 to 1474 of the U.S.Internal Revenue Code and relevant U.S. Treasury Regulations.u)The term “Financial Account” has the meaning set forth in relevant U.S.Treasury Regulations, but does not include any account that is excluded fromthe definition of Financial Account in Annex II.v)The term “FFI Agreement” means an agreement that sets forth the requirements,consistent with this Agreement, for the Reporting Bermuda Financial Institutionto be treated as complying with the requirements of section 1471(b) of the U.S.Internal Revenue Code.w)The term “Account Holder” means the person listed or identified as the holder ofa Financial Account by the Financial Institution that maintains the account. Aperson, other than a Financial Institution, holding a Financial Account for thebenefit or account of another person as agent, custodian, nominee, signatory,investment advisor, or intermediary, is not treated as holding the account forpurposes of this Agreement, and such other person is treated as holding theaccount. For purposes of the immediately preceding sentence, the term “FinancialInstitution” does not include a Financial Institution organized or incorporated in aU.S. Territory. In the case of a Cash Value Insurance Contract or an AnnuityContract, the Account Holder is any person entitled to access the Cash Value orchange the beneficiary of the contract. If no person can access the Cash Value orchange the beneficiary, the Account Holder is any person named as the owner inthe contract and any person with a vested entitlement to payment under the termsof the contract. Upon the maturity of a Cash Value Insurance Contract or anAnnuity Contract, each person entitled to receive a payment under the contract istreated as an Account Holder.x)The terms “Cash Value Insurance Contract” and “Annuity Contract” have themeanings set forth in relevant U.S. Treasury Regulations.y)The term “U.S. Person” means a U.S. citizen or resident individual, a partnershipor corporation organized in the United States or under the laws of the United Statesor any State thereof, a trust if (i) a court within the United States would haveauthority under applicable law to render orders or judgments concerningsubstantially all issues regarding administration of the trust, and (ii) one or moreU.S. persons have the authority to control all substantial decisions of the trust, oran estate of a decedent that is a citizen or resident of the United States. This5
subparagraph 1(y) shall be interpreted in accordance with the U.S. InternalRevenue Code.z)The term “Specified U.S. Person” means a U.S. Person, other than: (i) acorporation the stock of which is regularly traded on one or more establishedsecurities markets; (ii) any corporation that is a member of the same expandedaffiliated group, as defined in section 1471(e)(2) of the U.S. Internal RevenueCode, as a corporation described in clause (i); (iii) the United States or any whollyowned agency or instrumentality thereof; (iv) any State of the United States, anyU.S. Territory, any political subdivision of any of the foregoing, or any whollyowned agency or instrumentality of any one or more of the foregoing; (v) anyorganization exempt from taxation under section 501(a) of the U.S. InternalRevenue Code or an individual retirement plan as defined in section 7701(a)(37)of the U.S. Internal Revenue Code; (vi) any bank as defined in section 581 of theU.S. Internal Revenue Code; (vii) any real estate investment trust as defined insection 856 of the U.S. Internal Revenue Code; (viii) any regulated investmentcompany as defined in section 851 of the U.S. Internal Revenue Code or anyentity registered with the U.S. Securities and Exchange Commission under theInvestment Company Act of 1940 (15 U.S.C. 80a-64); (ix) any common trust fundas defined in section 584(a) of the U.S. Internal Revenue Code; (x) any trust thatis exempt from tax under section 664(c) of the U.S. Internal Revenue Code or thatis described in section 4947(a)(1) of the U.S. Internal Revenue Code; (xi) a dealerin securities, commodities, or derivative financial instruments (including notionalprincipal contracts, futures, forwards, and options) that is registered as such underthe laws of the United States or any State; (xii) a broker as defined in section6045(c) of the U.S. Internal Revenue Code or (xiii) any tax-exempt trust under aplan that is described in section 403(b) or section 457(g) of the U.S. InternalRevenue Code.aa)The term “Entity” means a legal person or a legal arrangement such as a trust.bb) The term “Non-U.S. Entity” means an Entity that is not a U.S. Person.cc)An Entity is a “Related Entity” of another Entity if either Entity controls theother Entity, or the two Entities are under common control. For this purpose,control includes direct or indirect ownership of more than 50 percent of thevote or value in an Entity. Notwithstanding the foregoing, Bermuda may treatan Entity as not a Related Entity of another Entity if the two Entities are notmembers of the same expanded affiliated group as defined in section 1471(e)(2)of the U.S. Internal Revenue Code.dd) The term “U.S. TIN” means a U.S. federal taxpayer identifying number.ee)The term “Controlling Persons” means the natural persons who exercise controlover an Entity. In the case of a trust, such term means the settlor, the trustees, theprotector (if any), the beneficiaries or class of beneficiaries, and any other naturalperson exercising ultimate effective control over the trust, and in the case of a legalarrangement other than a trust, such term means persons in equivalent or similarpositions. The term “Controlling Persons” shall be interpreted in a mannerconsistent with the Financial Action Task Force Recommendations.6
2.Any term not otherwise defined in this Agreement shall, unless the context otherwiserequires or the Competent Authorities agree to a common meaning (as permitted by domesticlaw), have the meaning that it has at that time under the law of the Party applying thisAgreement, any meaning under the applicable tax laws of that Party prevailing over a meaninggiven to the term under other laws of that Party.Article 2Reporting and Exchange of Information1.Directive to Bermuda Financial Institutions. Bermuda shall direct and enable allReporting Bermuda Financial Institutions to:a)register with the IRS by July 1, 2014, and comply with the requirements of anFFI Agreement, including with respect to due diligence, reporting, andwithholding;b)with respect to Financial Accounts maintained by Reporting Bermuda FinancialInstitutions as of June 30, 2014 identified as U.S. Accounts,(i)request from each Account Holder the Account Holder’s U.S. TIN andconsent to report and simultaneously inform the Account Holder in writingthat, if the U.S. TIN and consent are not given, (1) aggregate informationabout the account shall be reported to the IRS, (2) information about theaccount may give rise to a group request by the IRS for specific informationabout the account, (3) in such case, the account information shall betransmitted to the Bermuda Competent Authority, and (4) the BermudaCompetent Authority may exchange this information with the IRS inaccordance with paragraph 2 of this Article;(ii) report annually to the IRS, in the time and manner required by an FFIAgreement and relevant U.S. Treasury Regulations, the aggregateinformation required with respect to Non-Consenting U.S. Accounts;c)with respect to accounts of, or obligations to, Nonparticipating FinancialInstitutions that exist as of June 30, 2014, and in connection with which theReporting Bermuda Financial Institution expects to pay a Foreign ReportableAmount,(i)with respect to calendar years 2015 and 2016, request from each suchNonparticipating Financial Institution the Nonparticipating FinancialInstitution’s consent to report and simultaneously inform theNonparticipating Financial Institution in writing that, if such consent is notgiven, (1) aggregate information about Foreign Reportable Amounts paid tothe Nonparticipating Financial Institution shall be reported to the IRS, (2)such information may give rise to a group request by the IRS for specificinformation about the account or obligation, (3) in such case, the informationabout the account or obligation shall be transmitted to the BermudaCompetent Authority, and (4) the Bermuda Competent Authority may7
exchange this information with the IRS in accordance with paragraph 2 ofthis Article;(ii)2.with respect to calendar years 2015 and 2016, report to the IRS the numberof non-consenting Nonparticipating Financial Institutions to which ForeignReportable Amounts were paid during the year and the aggregate value ofall such payments no later than March 15 of the year following the year towhich the information relates;d)with respect to New Accounts identified as U.S. Accounts, obtain from eachAccount Holder consent to report, consistent with the requirements of an FFIAgreement, as a condition of account opening; ande)with respect to new accounts opened by, or obligations entered into with, aNonparticipating Financial Institution on or after July 1, 2014, and inconnection with which the Reporting Bermuda Financial Institution expectsto pay a Foreign Reportable Amount, obtain from each suchNonparticipating Financial Institution consent to report, consistent with therequirements of an FFI Agreement, as a condition of opening the account, orentering into the obligation.Exchange of Information.a)In the context of FATCA implementation, the U.S. Competent Authority may makegroup requests to the Bermuda Competent Authority based on the aggregateinformation reported to the IRS pursuant to the directive described insubparagraphs 1(b)(ii) and 1(c)(ii) of this Article, for all the information aboutNon-Consenting U.S. Accounts and Foreign Reportable Amounts paid toNonparticipating Financial Institutions that the Reporting Bermuda FinancialInstitution would have had to report under an FFI Agreement had it obtainedconsent. Such requests shall be made pursuant to Article 3 of the TIEA and shallapply to information for the time period beginning on or after the date of signatureof this Agreement.b)The information requested pursuant to subparagraph 2(a) of this Article shall beconsidered information that is necessary for carrying out the administration orenforcement of the domestic laws of the United States concerning taxes covered bythe TIEA and the Act and under which taxation is not contrary to the TIEA and theAct, without regard to whether the Reporting Bermuda Financial Institution oranother party has contributed to non-compliance of the taxpayers in the grouprequest.c)The Bermuda Competent Authority shall, within six months of the receipt of thegroup request, provide the U.S. Competent Authority with all such requestedinformation in the same format in which the information would have beenreported if it had been reported directly to the IRS by the Reporting BermudaFinancial Institution. The Bermuda Competent Authority shall notify the U.S.8
Competent Authority and the re
Dec 19, 2013 · 3 a) The term “United States” means the United States of America, including the States thereof, but does not include the U.S. Territories. Any reference to a “State” of the United States includes the District of Columbia. b) The term “U.S. Territory” means American Samoa, the Commonwealth of the Northern Mariana Is
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
Silat is a combative art of self-defense and survival rooted from Matay archipelago. It was traced at thé early of Langkasuka Kingdom (2nd century CE) till thé reign of Melaka (Malaysia) Sultanate era (13th century). Silat has now evolved to become part of social culture and tradition with thé appearance of a fine physical and spiritual .
̶The leading indicator of employee engagement is based on the quality of the relationship between employee and supervisor Empower your managers! ̶Help them understand the impact on the organization ̶Share important changes, plan options, tasks, and deadlines ̶Provide key messages and talking points ̶Prepare them to answer employee questions
On an exceptional basis, Member States may request UNESCO to provide thé candidates with access to thé platform so they can complète thé form by themselves. Thèse requests must be addressed to esd rize unesco. or by 15 A ril 2021 UNESCO will provide thé nomineewith accessto thé platform via their émail address.
Dr. Sunita Bharatwal** Dr. Pawan Garga*** Abstract Customer satisfaction is derived from thè functionalities and values, a product or Service can provide. The current study aims to segregate thè dimensions of ordine Service quality and gather insights on its impact on web shopping. The trends of purchases have
Chính Văn.- Còn đức Thế tôn thì tuệ giác cực kỳ trong sạch 8: hiện hành bất nhị 9, đạt đến vô tướng 10, đứng vào chỗ đứng của các đức Thế tôn 11, thể hiện tính bình đẳng của các Ngài, đến chỗ không còn chướng ngại 12, giáo pháp không thể khuynh đảo, tâm thức không bị cản trở, cái được
Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. Crawford M., Marsh D. The driving force : food in human evolution and the future.
Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. 3 Crawford M., Marsh D. The driving force : food in human evolution and the future.
