Regulations

(1) The Minister may make regulations for the better carrying out of the objects and purposes of this Act and the (2) Without limiting the generality of sub-section (1), regulations thereunder may provide for giving effect to any provisions of the Convention or this Act, including the following– (a) specifying the information to be reported in an information return in relation to certain financial accounts and, where different information is to be reported for different years, specifying the information to be reported for each of those years; (b) specifying the records and other documents that must be examined or the procedures to obtain records and other documents by the Mutual Administrative Assistance reporting financial institution to enable the financial institution to identify certain financial accounts; (c) specifying the records and other documents used to identify certain financial accounts that are required to be retained by the reporting financial institution; (d) setting out any additional conditions under which a reporting financial institution may appoint a third party as its agent to carry out the duties and obligations imposed on it by the (e) in relation to any of the matters specified in the preceding paragraphs, determining the manner of keeping records and setting the period for the retention of records so kept; (f) enabling the authorisation of designated officers requiring the production of books, records or other documents and the provision of information in relation to financial account within such time as may be specified in the (g) specifying the outstanding information in the MCAA (Annexes A to E) which are required for enabling the automatic exchange of financial account information, namely the list of non-reciprocating jurisdictions, transmission methods, specified data safeguards, confidentiality questionnaire, and the competent authority for which an agreement is in effect; and Mutual Administrative Assistance (gA) specifying the outstanding information in the MCAA CbC which are required for enabling the automatic exchange of CbC reports, namely the list of jurisdictions for intended nonreciprocating jurisdictions, transmission methods, specifying additional data safeguards, confidentiality, and any other matter required for which the Agreement is in effect; and (h) generally to carry out the purposes and provisions of the Convention, the Agreement or this Act. Mutual Administrative Assistance SCHEDULE I 15 of 2014. [section 2] CONVETION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS Text amended by the provisions of the Protocol amending the Convention on Mutual Administrative Assistance in Tax Matters, which entered into force on 1st June 2011. CONVENTION CONCERNANT L’ASSISTANCE ADMINISTRATIVE EN MATIÉRE FISCALE Texte amendé conformément aux dispositions du Protocole d’amendement á la Convention concernant l’assistance administrative mutuelle en matiére fiscale, entré en vigueur le 1er juin 2011. Mutual Administrative Assistance Preamble The member of States of the Council of Europe and the member countries of the Organization for Economic Co-operation and Development (OECD), signatories of this Convention, Considering that the development of international movement of persons, capital, goods and service – although highly beneficial in itself – has increased the possibilities of tax avoidance and evasion and therefore requires co-operation among tax authorities; Welcoming the various efforts made in recent years to combat tax avoidance and tax evasion on an international level, whether bilaterally or multilaterally; Considering that a co-ordinated effort between States is necessary in order to foster all forms of administrative assistance in matters concerning taxes of any kind whilst at the same time ensuring adequate protection of the rights of taxpayers; Recognizing that international co-operation can play an important part in facilitating the proper determination of tax liabilities and in helping the taxpayer to secure his right; Considering that fundamental principles entitling every person to have his rights and obligations determined in accordance with a proper legal procedure should be recognized as applying to tax matters in all States and that States should endeavour to protect the legitimate interests of taxpayers, including appropriate protection against discrimination and double taxation; Convinced therefore that States should carry out measures or supply information, having regard to the necessary of protecting the confidentiality of information, and taking account of international instruments for the protection of privacy and flows of personal data; Considering that a new co-operative environment has emerged and that it is desirable that a multilateral instrument is made available to allow the widest number of States to obtain the benefits of the new co-operative environment and at the same time implement the highest international standards of co-operation in the tax field; Desiring to conclude a convention on mutual administrative assistance in tax matters Mutual Administrative Assistance Have agreed as follows: Chapter I – Scope of the Convention Article 1 – Object of the Convention and persons covered The parties shall, subject to the provisions of Chapter IV, provide administrative assistance to each other in tax matters. Such assistance may involve, where appropriate, measures taken by judicial bodies. 2 Such administrative assistance shall comprise: a exchange of information, including simultaneous tax examinations and participation in tax examinations abroad b assistance in recovery, including measures of conservancy; and c service of documents. 3 A party shall provide administrative assistance whether the person affected is a resident or national of a Party or of any other State. Article 2 – Taxes covered 1 This Convention shall apply: a to the following taxes: i taxes on income or profits, ii taxes on capital gains which are imposed separately from the tax on income or profits, iii taxes on net wealth, imposed on behalf of a Party; and b to the following taxes: i taxes on income, profits, capital gains or net wealth which are imposed on behalf of political subdivisions or local authorities of a Party, Mutual Administrative Assistance ii compulsory social security contributions payable to general government or to social security institutions established under public law, and iii taxes in other categories, except customs duties, imposed on behalf of a party, namely: A. estate, inheritance or gift taxes, B. taxes on immovable property, C. general consumption taxes, such as value added or sales taxes, D. specific taxes on goods and services such as excise taxes, E. taxes on the use or ownership of motor vehicles, F. taxes on the use or ownerships of movable property other than motor vehicles, G. any other taxes; iv taxes in categories referred to in sub-paragraph iii. above which are imposed on behalf of political subdivisions or local authorities of a Party. 2 The existing taxes to which the Convention shall apply are listed in Annex A in the categories referred to in paragraph 1. 3 The Parties shall notify the Secretary General of the Council of Europe or the Secretary General of OECD (hereinafter referred to as the “Depositaries”) of any change to be made to Annex A as a result of a modification of the list mentioned in paragraph 2. Such change shall take effect on the first day of the month following the expiration of a period of three months after the date of receipt of such notification by the Depositary. 4 The Convention shall also apply, as for their adoption, to any identical or substantially similar taxes which are imposed in a Contracting State after the entry into force of the Convention in respect of that Party in addition to or in place of the existing taxes listed in Annex A and, in that event, the Party concerned shall notify one of the Depositaries of the adoption of the tax in question. Chapter II – General definitions Article 3 – Definitions 1 For the purposes of this Convention, unless the context otherwise requires: Mutual Administrative Assistance a the terms “applicant State” and “requested State” mean respectively any Party applying for administrative assistance in tax matters and any Party requested to provide such assistance; b the term “tax” means any tax or social security contribution to which the Convention applies pursuant to Article 2; c the term “tax claim” means any amount of tax, as well as interest thereon, related administrative fines and costs incidental to recovery, which are owed and not yet paid; d the term “competent authority” means the persons and authorities listed in Annex B; e The term “nationals” in relation to a Party means: i all individuals possessing the nationality of that party, and ii all legal persons, partnerships, associations and other entities deriving their status as such from the laws in force in that Party. For each Party that has made a declaration for that purpose, the terms used above will be understood as defined in Annex C. 2 As regards the application of the Convention by a Party, any term not defined therein shall, unless the context otherwise requires, have the meaning which it has under the law of that party concerning the taxes covered by the Convention. 3 The Parties shall notify one of the Depositaries of any change to be made to Annexes B and C. Such change shall take effect on the first day of the month following the expiration of a period of three months after the date of such notification by the Depositary in question. Chapter III – Forms of assistance Section I – Exchange of information Article 4 – General provision Mutual Administrative Assistance 1 The Parties shall exchange any information, in particular as provided in this section, that is foreseeably relevant for the administration or enforcement of their domestic laws concerning the taxes covered by this Convention. 2 Deleted. 3 Any Party may, by a declaration addressed to one of the Depositaries, indicate that, according to its internal legislation, its authorities may inform its resident or national before transmitting information concerning him, in conformity with Articles 5 and 7. Article 5 – Exchange of information on request 1 At the request of the applicant State, the requested State shall provide the applicant State with any information referred to in Article 4 which concerns particular persons or transactions. 2 If the information available in the tax files of the requested State is not sufficient to enable it to comply with the request for information, that State shall take all relevant measures to provide the applicant State with the information requested. Article 6 – Automatic exchange of information With respect to categories of cases and in accordance with procedures which they shall determine by mutual agreement, two or more Parties shall automatically exchange the information referred to in Article 4. Article 7 – Spontaneous exchange of information 1 A Party shall, without prior request, forward to another Party information of which it has knowledge in the following circumstances: a the first-mentioned Party has grounds for supposing that there may be a loss of tax in the other Party; b a person liable to tax obtains a reduction in or an examination from tax in the first mentioned Party which would give rise to an increase in tax or to liability to tax in the other Party; Mutual Administrative Assistance c business dealings between a person liable to tax in a party and a person liable to tax in another Party are conducted through one or more countries in such a way that a saving in tax may result in one or the other Party or in both; d a Party has grounds for supposing that a saving of tax may result from artificial transfers of profits within groups of enterprises; e Information forwarded to the first-mentioned Party by the other Party has enabled information to be obtained which may be relevant in assessing liability to tax in the latter Party. 2 Each Party shall take such measures and implement such procedures as are necessary to ensure that information described in paragraph 1 will be made available for transmission to another Party. Article 8 – Simultaneous tax examinations 1 At the request of one of them, two or more Parties shall consult together for the purposes of determining cases and procedures for simultaneous tax examinations. Each Party involved shall decide whether or not it wishes to participate in a particular simultaneous tax examination. 2 For the purposes of this Convention, a simultaneous tax examination means an arrangement between two or more Parties to examine simultaneously, each in its own territory, the tax affairs of a person or persons in which they have a common or related interest, with a view to exchanging any relevant information which they so obtain. Article 9 – Tax examinations abroad 1 At the request of the competent authority of the applicant State, the competent authority of the requested State may allow representative of the competent authority of the applicant State to be present at the appropriate part of a tax examination in the requested State. 2 If the request is acceded to, the competent authority of the requested State shall, as soon as possible, notify the competent authority of the applicant State about the time and place of the examination, the authority or official designated to carry out the examination and the Mutual Administrative Assistance procedures and conditions required by the requested State for the conduct of the examination. All decisions with respect to the conduct of the tax examination shall be made by the requested State. 3 A Party may inform one of the Depositaries of its intention not to accept, as a general rule, such requests as are referred to in paragraph 1. Such a declaration may be made or withdrawn at any time. Article 10 – Conflicting Information If a Party receives from another Party information about a person’s tax affairs which appears to it to conflict with information in its possession, it shall so advise the Party which has provided the information. Section II – Assistance in recovery Article 11 – Recovery of tax claims 1 At the request of the applicant State, the requested State shall, subject to the provisions of Articles 14 and 15, take the necessary steps to recover tax claims of the first-mentioned State as if they were its own tax claims. 2 The provision of paragraph 1 shall apply only to tax claims which form the subject of an instrument permitting their enforcement in the applicant State and, unless otherwise agreed between the Parties concerned, which are not contested. However, where the claim is against a person who is not a resident of the applicant State, paragraph 1 shall only apply, unless otherwise agreed between the Parties concerned, where the claim may no longer be contested. 3 The obligation to provide assistance in the recovery of tax claims concerning a deceased person of his estate, is limited to the value of the estate or of the property acquired by each beneficiary of the estate, according to whether the claim is to be recovered from the estate or from the beneficiaries thereof. Article 12 – Measures of conservancy Mutual Administrative Assistance At the request of the applicant State, the requested State shall, with a view to the recovery of an amount of tax, take measures of conservancy even if the claim is contested or is not yet the subject of an instrument permitting enforcement. Article 13 – Documents accompanying the request 1 The request for administrative assistance under this section shall be accompanied by: a a declaration that the tax claim concerns a tax covered by the Convention and, in the case of recovery that, subject to paragraph 2 of Article 11, the tax claim is not or may not be contested, b an official copy of the instrument permitting enforcement in the applicant State, and c any other document required for recovery or measures of conservancy. 2 The instrument permitting enforcement in the applicant State shall, where appropriate and in accordance with the provisions in force in the requested State, be accepted, recognized, supplemented or replaced as soon as possible after the date of the receipt of the request for assistance, by an instrument permitting enforcement in the latter State. Article 14 – Time limits 1 Questions concerning any period beyond which a tax claim cannot be enforced shall be governed by the law of the applicant State. The request for assistance shall give particulars concerning that period. 2 Acts of recovery carried out by the requested State in pursuance of a request for assistance, which, according to the laws of that State, would have the effect of suspending or interrupting the period mentioned in paragraph 1, shall also have this effect under the laws of the applicant State. The requested State shall inform the applicant State about such acts. 3 In any case, the requested State is not obliged to comply with a request for assistance which is submitted after a period of 15 years from the date of the original instrument permitting enforcement. Article 15 – Priority Mutual Administrative Assistance The tax claim in the recovery of which assistance is provided shall not have in the requested State any priority specially accorded to the tax claims of that State even if the recovery procedure used is the one applicable to its own tax claims. Article 16 – Deferral of payment The requested State may allow deferral of payment or payment by instalments if its laws or administrative practice permit it to do so in similar circumstances, but shall first inform the applicant State. Section III – Service of Documents Article 17 – Service of documents 1 At the request of the applicant State, the requested State shall serve upon the addressee documents, including those relating to judicial decisions, which emanate from the applicant State and which relate to a tax covered by this Convention. 2 The requested State shall effect service of documents: a by a method prescribed by its domestic laws for the service of documents of a substantially similar nature; b to the extent possible, by a particular method requested by the applicant State or the closest to such method available under its own laws. 3 A Party may effect service of documents directly through the post on a person within the territory of another Party. 4 Nothing in the Convention shall be construed as invalidating any service of documents by a Party in accordance with it laws. 5 When a document is served in accordance with this article, it need not be accompanied by a translation. However, where it is satisfied that the addressee cannot understand the language of the document, the requested State shall arrange to have it translated into or a summary drafted in it or one of its official languages. Alternatively, it may ask the applicant State to Mutual Administrative Assistance have the document either translated into or accompanied by a summary in one of the official languages of the requested State, the Council of Europe or the OECD. Chapter IV – Provisions relating to all forms of assistance Article 18 – Information to be provided by the applicant State 1 A request for assistance shall indicate where appropriate: a the authority of agency which initiated the request made by the competent authority; b the name, address, or any other particulars assisting in the identification of the person in respect of whom the request is made; c in the case of a request for information, the form in which the applicant State wishes the information to be supplied in order to meet its needs; d in the case of a request for assistance in recovery or measure of conservancy, the nature of the tax claim, the components of the tax claim and the assets from which the tax claim may be recovered; e in the case of a request for service of documents, the nature and the subject of the document to be saved; f Whether it is in conformity with the law and administrative practice of the applicant State and whether it is justified in the light of the requirements of Article 21.2. g. 2 As soon as any other information relevant to the request for assistance comes to its knowledge, the applicant State shall forward it to the requested State. Article 19 – Deleted Article 20 – Response to the request for assistance 1 If the request for assistance is complied with, the requested State shall inform the applicant State of the action taken and of the result of the assistance as soon as possible. Mutual Administrative Assistance 2 If the request is declined, the requested State shall inform the applicant State of that decision and the reason for it as soon as possible. 3 If, with respect to a request for information, the applicant State has specified the form in which it wishes the information to be supplied and the requestion State is in a position to do so, the requested State shall supply it in the form requested. Article 21 – Protection of persons and limits to the obligation to provide assistance 1 Nothing in this Convention shall affect the rights and safeguards secured to persons by the laws or administrative practice of the requested State. 2 Except in the case of Article 14, the provisions of this Convention shall not be construed so as to impose on the requested State the obligation: a to carry out measures at variance with it own laws or administrative practice or the laws or administrative practice of the applicant State; b to carry out measures which would be contrary to public policy (ordre public); c to supply information which is not obtainable under its own laws or its administrative practice or under the laws of the applicant State or its administrative practice; d to supply information which would disclose any trade, business industrial, commercial or professional secret, or trade process, or information the disclosure of which would be contrary to public policy (ordre public); e to provide administrative assistance if and insofar as it considers the taxation in the applicant State to be contrary to generally accepted taxation principles or to the provisions of a convention for the avoidance of double taxation, or of any other convention which the requested State has concluded with the applicant State; f to provide administrative assistance for the purpose of administering or enforcing a provision of the tax law of the applicant State, or any requirement connected therewith, which discriminates against a national of the requested State as compared with a national of the applicant State in the circumstances; Mutual Administrative Assistance g to provide administrative assistance if the applicant State has not pursued all reasonable measures available under its laws or administrative practice, except where recourse to such measures would give rise to disproportionate difficulty; h to provide assistance in recovery in those cases where the administrative burden for that State is clearly disproportionate to the benefit to be derived by the applicant State. 3 If information is requested by the applicant State in accordance with this Convention, the requested State shall use its information gathering measures to obtain the requested information, even though the requested State may not need such information for its own tax purposes. The obligation contained in the preceding sentence is subject to the limitations contained in the Convention, but in no case shall such limitations, including in particular those of paragraph 1 and 2, be construed to permit a requested State to decline to supply information solely because it has no domestic interest in such information. 4 In no case shall the provisions of this Convention, including particular those of paragraphs 1 and 2, be construed to permit a requested State to decline to supply information solely because the information is held by a bank, other financial institution, nominee or person acting in an agency or a fiduciary capacity or because it relates to ownership interests in person. Article 22 – Secrecy 1 Any information obtained by a Party under this Convention shall be treated as secret and protected in the same manner as information obtained under the domestic law of that Party and, to the extent needed to ensure the necessary level of protection of personal data, in accordance with the safeguards which may be specified by the supplying Party as required under its domestic law. 2 Such information shall in any case be disclosed only to persons or authorities (including courts and administrative or supervisory bodies) concerned with the assessment, collection or recovery of, the enforcement or prosecution in respect of, or the determination of appeals in relation to, taxes of that Party, or the oversight of the above. Only the persons or authorities mentioned above may use the information and then only for such purposes. They may, notwithstanding the provisions of paragraph 1, disclose it in public court proceedings or in judicial decisions relating to such taxes. Mutual Administrative Assistance 3 If a Party has made a reservation provided for in sub-paragraph a. of paragraph 1 of Article 30, any other Party obtaining information from that Party shall not use it for the purpose of a tax in a category subject to the reservation. Similarly, the Party making such a reservation shall not use information obtained under this Convention for the purpose of a tax in a category subject to the reservation. 4 Notwithstanding the provisions of paragraphs 1, 2 and 3, information received by a Party may be used for other purposes when such information may be used for such other purposes under the laws of the supplying Party and the competent authority of that Party authorizes such use. Information provided by a Party to another Party may be transmitted by the latter to a third Party, subject to prior authorization by the competent authority of the first- mentioned Party. Article 23 – Proceedings 1 Proceedings relating to measures taken under the Convention by the requested State shall be brought only before the appropriate body of that State. 2 Proceedings relating to measures taken under this Convention by the applicant State, in particular those which, in the field of recovery, concern the existence or the amount of the tax claim or the instrument permitting its enforcement, shall be brought only before the appropriate body of that State. If such proceedings are brought, the applicant State shall inform the requested State which shall suspend the procedure pending the decision of the body in question. However, the requested State shall, if asked by the applicant State, take measure of conservancy to safeguard recovery. The requested State can also be informed of such proceedings by an interested person. Upon receipt of such information the requested State shall consult on the matter, if necessary, with the applicant State. 3 As soon as a final decision in the proceedings has been given, the requested State or applicant State, as the case may be, shall notify the other State of the decision and the implications which it has for the request for assistance. Chapter V – Special provisions Article 24 – Implementation of the Convention Mutual Administrative Assistance 1 The Parties shall communicate with each other for the implementation of this Convention through their respective competent authorities. The competent authorities may communicate directly for this purpose and may authorize subordinate authorities to act on their behalf. The competent authorities of two or more Parties may mutually agree on the mode of application of the Convention among themselves. 2 Where the requested State considers that the application of this Convention in a particular case would have serious and undesirable consequences, the competent authorities of the requested and of the applicant State shall consult each other and endeavours to resolve the situation by mutual agreement. 3 A co-ordinating body composed of representatives of the competent authorities of the Parties shall monitor the implementation and development of this Convention, under the aegis of the OECD. To that end, the co-ordinating body shall recommend any action likely to further the general aims of the Convention. In particular it shall act as a forum for the study of new methods and procedures to increase international co-operation in tax matters and, where appropriate, it may recommend revisions or amendments to the Convention. States which have signed but not yet ratified, accepted or approved the Convention are entitled to be represented at the meetings of the co-ordinating body as observers. 4 A Party may ask the co-ordinating body to furnish opinions on the interpretation of the provisions of the Convention. 5 Where difficulties or doubts arise between two or more Parties regarding the implementation or interpretation of the Convention, the competent authorities of those Parties shall endeavour to resolve the matter by mutual agreement. The agreement shall be communicated to the co-ordinating body. 6 The Secretary General of OECD shall inform the Parties, and the Signatory States which have not yet ratified, accepted or approved the Convention, of opinions furnished by the Co- ordinating body according to the provisions of paragraph 4 above and of mutual agreements reached under paragraph 5 above. Article 25 – Language Mutual Administrative Assistance Requests for assistance and answers thereto shall be drawn up in one of the official languages of the OECD and of the Council of Europe or in any other language agreed bilaterally between the Contracting States concerned. Article 26 – Costs Unless otherwise agreed bilaterally by the Parties concerned: a ordinary costs incurred in providing assistance shall be borne by the requested State; b Extraordinary costs incurred in providing assistance shall be borne by the applicant State. Chapter VI – Final Provisions Article 27 – Other international agreements or arrangements 1 The possibilities of assistance provided by this Convention do not limit, nor are they limited by, those contained in existing or future international agreements or other arrangements between the Parties concerned or other instruments which relate to co-operation in tax matters. 2 Notwithstanding paragraph 1, those Parties which are member States of the European Union can apply, in their mutual relations, the possibilities of assistance provided for by the Convention in so far as they allow a wider co-operation than the possibilities offered by the applicable European Union rules. Article 28 – Signature and entry into force of the Convention 1 This Convention shall be open for signature by the member States of the Council of Europe and the member countries of OECD. It is subject to ratification, acceptance or approval. Instruments of ratification, acceptance or approval shall be deposited with one of the Depositaries. 2 This Convention shall enter into force on the first day of the month following the expiration of a period of three months after date on which five States have expressed their consent to be bound by the Convention in accordance with the provisions of paragraph 1. Mutual Administrative Assistance 3 In respect of any member State of the Council of Europe of any member country of OECD which subsequently expresses its consent to be bound by it, the Convention shall enter into force on the first day of the month following the expiration of a period of three months after the date of the deposit of the instrument of ratification, acceptance or approval. 4 Any member State of the Council of Europe or any member country of OECD which becomes a Party to the Convention after the entry into force of the Protocol amending this Convention, opened for signature on 27th May 2010 (the “2010 protocol”), shall be a Party to the Convention as amended by that Protocol, unless they express a different intention in a written communication to one of the Depositaries. 5 After the entry into force of the 2010 Protocol, any State which is not a member of the Council of Europe or of the OECD may request to be invited to sign and ratify this Convention as amended by the 2010 Protocol. Any request to this effect shall be addressed to one of the Depositaries, who shall transmit it to the Parties. The Depositary shall also inform the Committee of Ministers of the Council of Europe and the OECD Council. The decision to invite States which so request to become Party to this Convention shall be taken by consensus by the Parties to the Convention through the co-ordinating body. In respect of any State ratifying the Convention as amended by the 2010 Protocol in accordance with this paragraph, this Convention shall enter into force on the first day of the month following expiration of a period of three months after the date of deposit of the instrument of ratification with one of the Depositaries. 6 The provisions of this Convention, as amended by the 2010 Protocol, shall have effect for administrative assistance related to taxable periods beginning on or after 1 January of the year following the one in which the Convention, as amended by the 2010 Protocol, entered into force in respect of a Party, or where there is no taxable period, for administrative assistance related to charges to tax arising on or after 1 January of the year following the one in which the Convention, as amended by the 2010 Protocol, entered into force in respect of a Party. Any two or more Parties may mutually agree that the Convention, as amended by the 2010 Protocol, shall have effect for administrative assistance related to earlier taxable periods or charges to tax. 7 Notwithstanding paragraph 6, for tax matters involving intentional conduct which is liable to prosecution under the criminal laws of the applicant Party, the provisions of this Mutual Administrative Assistance Convention, as amended by the 2010 Protocol, shall have effect from the date of entry into force in respect of a Party in relation to earlier taxable periods or charges to tax. Article 29 – Territorial application of the Convention 1 Each State may, at the time signature, or when depositing its instrument of ratification, acceptance or approval, specify the territory or territories to which this Convention shall apply. 2 Any State may, at any later date, by declaration addressed to one of the Depositaries, extend the application of this Convention to any other territory specified in the declaration. In respect of such territory the Convention shall enter into force on the first day of the month following the expiration of a period of three month after the date of receipt of such declaration by the Depositary. 3 Any declaration made under either of the two preceding paragraphs may, in respect of any territory specified in such declaration, be withdrawn by a notification addressed to one of the Depositaries. The withdrawal shall become effective on the first day of the month following the expiration of a period of three months after the date of receipt of such notification by the Depositary. Article 30 – Reservations 1 Any State may, at the time of Signature of when depositing its instrument of ratification, acceptance or approval or any later date, declare that it reserves the right: a not to provide any form of assistance in relation to the taxes of other Parties in any of the categories listed in sub-paragraph b of paragraph 1 of Article 2, provided that it has not included any domestic tax in that category under Annex A of the Convention; b not to provide assistance in the recovery of any tax claim, or in the recovery of an administrative fine, for all taxes or only for taxes in one or more of the categories listed in paragraph 1 of Article 2; c not to provide assistance in respect to any tax claim, which is in existence at the date of entry into force of the Convention in respect of that State or, where a reservation has Mutual Administrative Assistance previously been made under sub-paragraph a. or b. above, at the date of withdrawal of such a reservation in relation to taxes in the category in question; d not to provide assistance in the service of documents for all taxes or only for taxes in one or more of the categories listed in paragraph 1 of Article 2; e not to permit the service of documents through the post as provided for in paragraph 3 of Article 17; f To apply paragraph 7 of Article 28 exclusively for administrative assistance related to taxable periods beginning on or after 1 January of the third year preceding the one in which the Convention, as amended by the 2010 Protocol, entered into force in respect of a Party, or where there is no taxable period, for administrative assistance related to charges to tax arising on or after 1 January of the third year preceding the one in which the Convention, as amended by the 2010 Protocol, entered into force in respect if a Party. 2 No other reservation may be made 3 After the entry into force of the Convention in respect of a Party, that Party may make one or more of the reservations listed in paragraph 1 which it did not make at the time of ratification, acceptance or approval. Such reservations shall enter into force on the first day of the month following the expiration of a period of three months after the date of receipt of the reservation by one of the Depositaries. 4 Any Party which has made a reservation under paragraphs 1 and 3 may wholly or partly withdraw it by means of a notification addressed to one of the Depositaries. The withdrawal shall take effect on the date of receipt of such notification by the Depositary in question. 5 A Party which has made a reservation in respect of a provision of this Convention may not require the application of that provision by any other Party; It may, however, if its reservation is partial, require the application of that provision insofar as it has itself accepted it. Article 31 – Denunciation Mutual Administrative Assistance 1 Any Party may, at any time, denounce the Convention by means of notification addressed to one of the Depositaries. 2 Such denunciation shall become effective on the first day of the month following the expiration of a period of three months after the date of receipt of the notification by the Depositary. 3 Any Party which denounces the Convention shall remain bound by the provisions of Article 22 for as long as it retains in its possession any documents or information obtained under the Convention. Article 32 – Depositaries and their functions 1 The Depositary with whom an act, notification or communication has been accomplished, shall notify the member States of the Council of Europe and the member countries of OECD and any Party to this Convention of: a any signature; b the deposit of any instrument of ratification, acceptance or approval; c any date of entry into force of this Convention in accordance with the provisions of Articles 28 and 29; d any declaration made in pursuance of the provisions of paragraph 3 of Article 4 or paragraph 3 of Article 9 and the withdrawal of any such declaration; e any reservation made in pursuance of the provisions of Article 30 and the withdrawal of any reservation affected in pursuance of the provisions of paragraph 4 of Article 30; f any notification received in pursuance of the provision of paragraph 3 or 4 of Article 2, paragraph 3 of Article 3, Article 29 or paragraph 1 of Article 31; g Any other act, notification or communication relating to this Convention. 2 The Depositary receiving a communication or making a notification in pursuance of the provisions of paragraph 1 shall inform immediately the other Depositary thereof. Mutual Administrative Assistance In witness whereof the undersigned, being duly authorized thereto, have signed the Convention. Established by the Depositaries the 1st day of June 2011 pursuant to Article X. 4 of the Protocol amending the Convention on Mutual Administrative Assistance in Tax Matters, in English and French, both texts being equally authentic, in two copies of which one shall be deposited in the archives of each Depositary. The Depositaries shall transmit a certified copy to each Party to the Convention as amended by the Protocol and to each State entitled to become a party. En foi de quoi, les soussignés, dúment autorisés á cet effet, ont signé la présente Convention. Etabli par les Déposilaires le 1er juin 2011 en vertu de l’article X.4 du Protocole d’amendement á la Convention concernant l’assistance adminstrative mutuelle en matiére fiscale, en francais et en anglais, les deux textes faisant également foi, en deux exemplaires dont un sera dépose dans les archives le chaque Dépositaire Les Dépositaires en communiqueront copie certifiée conforme á chacune des Parties á la Convention telle qu’amendée parle Protocole et á chacun des Etats ayant qualité pour devenir partie. Mutual Administrative Assistance Mutual Administrative Assistance Mutual Administrative Assistance Mutual Administrative Assistance Mutual Administrative Assistance Mutual Administrative Assistance Mutual Administrative Assistance Mutual Administrative Assistance Mutual Administrative Assistance Mutual Administrative Assistance Mutual Administrative Assistance Mutual Administrative Assistance SCHEDULE II [section 9] I, Neri J. Matus, Director General of the International Financial Services Commission, on behalf of the Competent Authority of Belize, declare that it hereby agrees to comply with the provisions of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information hereafter referred to as the "Agreement" and attached to this Declaration. By means of the present Declaration, the Competent Authority of Belize is to be considered a signatory of the Agreement as from 20 October 2015. The Agreement will come into effect in respect of the Competent Authority of Belize in accordance with Section 7 thereof. The Annex F notification referred to in Section 3(3) of the Agreement is deposited herewith. Signed in Bridgetown on 29 October 2015. MULTILATERAL COMPETENT AUTHORITYAGREEMENT ON AUTOMATIC EXCHANGEOF FINANCIAL ACCOUNT INFORMATION Whereas, the jurisdictions of the signatories to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (the “Agreement”) are Parties of, or territories covered by, the Convention on Mutual Mutual Administrative Assistance Administrative Assistance in Tax Matters or the Convention on Mutual Administrative Assistance in Tax Matters as amended by the Protocol amending the Convention on Mutual Administrative Assistance in Tax Matters (the “Convention”) or have signed or expressed their intention to sign the Convention and acknowledge that the Convention must be in force and in effect in relation to them before the first exchange of financial account information takes place; Whereas, the jurisdictions intend to improve international tax compliance by further building on their relationship with respect to mutual assistance in tax matters; Whereas, the Common Reporting Standard was developed by the OECD, with G20 countries, to tackle tax avoidance and evasion and improve tax compliance; Whereas, a country that has signed or expressed its intention to sign the Convention will only become a Jurisdiction as defined in Section 1 of this Agreement once it has become a Party to the Convention; Whereas, the laws of the respective Jurisdictions require or are expected to require financial institutions to report information regarding certain accounts and follow related due diligence procedures, consistent with the scope of exchange contemplated by Section 2 of this Agreement and the reporting and due diligence procedures set out in the Common Reporting Standard; Whereas, it is expected that the laws of the Jurisdictions would be amended from time to time to reflect updates to the Common Reporting Standard and once such changes are enacted by a Jurisdiction the definition of Common Reporting Standard would be deemed to refer to the updated version in respect of that Jurisdiction; Whereas, Chapter III of the Convention authorises the exchange of information for tax purposes, including the exchange of Mutual Administrative Assistance information on an automatic basis, and allows the competent authorities of the Jurisdictions to agree the scope and modalities of such automatic exchanges; Whereas, Article 6 of the Convention provides that two or more Parties can mutually agree to exchange information automatically, the exchange of the information will be on a bilateral basis between the Competent Authorities; Whereas, the Jurisdictions have, or are expected to have, in place by the time the first exchange takes place (i)appropriate safeguards to ensure that the information received pursuant to this Agreement remains confidential and is used solely for the purposes set out in the Convention, and (ii)the infrastructure for an effective exchange relationship(including established processes for ensuring timely, accurate, and confidential information exchanges, effective and reliable communications, and capabilities to promptly resolve questions and concerns about exchanges or requests for exchanges and to administer the provisions of Section 4 of this Agreement); Whereas, the Competent Authorities of the jurisdictions intend to conclude an agreement to improve international tax compliance based on automatic exchange pursuant to the Convention, without prejudice to national legislative procedures (if any), respecting EU law (if applicable), and subject to the confidentiality and other protections provided for in the Convention, including the provisions limiting the use of the information exchanged thereunder; Now, therefore, the Competent Authorities have agreed as follows: SECTION 1 DEFINITIONS Mutual Administrative Assistance 1. a) For the purposes of this Agreement, the following terms have the following meanings: the term “Jurisdiction” means a country or a territory in respect of which the Convention is in force and is in effect, either through signature and ratification in accordance with Article 28, or through territorial extension in accordance with Article 29, and which is a signatory to this Agreement; b) the term “Competent Authority” means, for each respective Jurisdiction, the persons and authorities listed in Annex B of the Convention; c) the term “Jurisdiction Financial Institution” means, for each respective Jurisdiction, (i) any Financial Institution that is resident in the Jurisdiction, but excludes any branch of that Financial Institution that is located outside the Jurisdiction, and(ii) any branch of a Financial Institution that is not resident in the Jurisdiction, if that branch is located in the Jurisdiction; d) the term “Reporting Financial Institution” means any Jurisdiction Financial Institution that is not a Non-Reporting Financial Institution; e) the term “Reportable Account” means a Financial Account that is maintained by a Reporting Financial Institution and that, pursuant to due diligence procedures consistent with the Common Reporting Standard, has been identified as an account that is held by one or more persons that are Mutual Administrative Assistance Reportable Persons with respect to another Jurisdiction. f) the term “Common Reporting Standard” means the standard for automatic exchange of financial account information in tax matters (which includes the Commentaries), developed by the OECD, with G20 countries; g) the term “Coordinating Body Secretariat” means the OECD Secretariat that, pursuant to paragraph 3 of Article24 of the Convention, provides support to the coordinating body that is composed of representatives of the competent authorities of the Parties to the Convention; h) the term “Agreement in effect” means, in respect of any two Competent Authorities, that both Competent Authorities have indicated their intention to automatically exchange information with each other and have satisfied the other conditions set out in subparagraph 2.1. of Section 7. The Competent Authorities for which this Agreement is in effect are listed in Annex E. 2. Any capitalised term not otherwise defined in this Agreement will have the meaning that it has at that time under the law of the Jurisdiction applying the Agreement, such meaning being consistent with the meaning set forth in the Common Reporting Standard. Any term not otherwise defined in this Agreement or in the Common Reporting Standard will, unless the context otherwise requires or the Competent Authorities agree to a common meaning (as permitted by domestic law),have the meaning that it has at that time under the Mutual Administrative Assistance law of the Jurisdiction applying this Agreement, any meaning under the applicable tax laws of that Jurisdiction prevailing over a meaning given to the term under other laws of that Jurisdiction. SECTION 2 Exchange of Information with Respect to Reportable Accounts 1.1. Pursuant to the provisions of Articles 6 and 22 of the Convention and subject to the applicable reporting and due diligence rules consistent with the Common Reporting Standard, each Competent Authority will annually exchange with the other Competent Authorities, with respect to which it has this Agreement in effect, on an automatic basis the information obtained pursuant to such rules and specified in paragraph 2. 1.2. Notwithstanding the previous paragraph, the Competent Authorities of the Jurisdictions listed in Annex A will send, but not receive, the information specified in paragraph 2. Competent Authorities of Jurisdictions not listed in Annex A will always receive the information specified in paragraph 2. Competent Authorities will not send such information to Competent Authorities of the Jurisdictions listed in Annex A. 2. The information to be exchanged is, with respect to each Reportable Account of another Jurisdiction: a) the name, address, TIN(s) and date and place of birth (in the case of an individual) of each Reportable Person that is an Account Holder of the account and, in the case of any Entity that is an Account Holder and that, after application of due diligence procedures consistent with the Common Reporting Standard, is identified as having one or more Mutual Administrative Assistance Controlling Persons that is a Reportable Person, the name, address, and TIN(s) of the Entity and the name, address, TIN(s) and date and place of birth of each Reportable Person; b) the account number (or functional equivalent in the absence of an account number); c) the name and identifying number (if any) of the Reporting Financial Institution; d) the account balance or value (including, in the case of a Cash Value Insurance Contract or Annuity Contract, the Cash Value or surrender value) as of the end of the relevant calendar year or other appropriate reporting period or, if the account was closed during such year or period, the closure of the account; e) in the case of any Custodial Account: (1) the total gross amount of interest, the total gross amount of dividends, and the total gross amount of other income generated with respect to the assets held in the account, in each case paid or credited to the account (or with respect to the account)during the calendar year or other appropriate reporting period; and (2) the total gross proceeds from the sale or redemption of Financial Assets paid or credited to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Financial Institution acted as a custodian, broker, nominee, or otherwise as an agent for the Account Holder; f) in the case of any Depository Account, the total gross amount of interest paid or credited Mutual Administrative Assistance to the account during the calendar year or other appropriate reporting period; and g) in the case of any account not described in subparagraph 2(e) or (f), the total gross amount paid or credited to the Account Holder with respect to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Financial Institution is the obligor or debtor, including the aggregate amount of any redemption payments made to the Account Holder during the calendar year or other appropriate reporting period. SECTION 3 Time and Manner of Exchange of Information 1. For the purposes of the exchange of information in Section 2, the amount and characterisation of payments made with respect to a Reportable Account may be determined in accordance with the principles of the tax laws of the Jurisdiction exchanging the information. 2. For the purposes of the exchange of information in Section 2, the information exchanged will identify the currency in which each relevant amount is denominated. 3. With respect to paragraph 2 of Section 2, and subject to the notification procedure set out in Section 7, including the dates specified therein, information is to be exchanged commencing from the years specified in Annex F within nine months after the end of the calendar year to which the information relates. Notwithstanding the foregoing sentence, information is only required to be exchanged with respect to a calendar year if both Competent Authorities have this Mutual Administrative Assistance Agreement in effect and their respective Jurisdictions have in effect legislation that requires reporting with respect to such calendar year that is consistent with the scope of exchange provided for in Section 2 and the reporting and due diligence procedures contained in the Common Reporting Standard. 4. The Competent Authorities will automatically exchange the information described in Section 2 in the common reporting standard schema in Extensible Mark up Language. 5. The Competent Authorities will work towards and agree on one or more methods for data transmission including encryption standards with a view to maximising standardisation and minimising complexities and costs and will specify those in Annex B. SECTION 4 Collaboration on Compliance and Enforcement A Competent Authority will notify the other Competent Authority when the first-mentioned Competent Authority has reason to believe that an error may have led to incorrect or incomplete information reporting or there is non-compliance by a Reporting Financial Institution with the applicable reporting requirements and due diligence procedures consistent with the Common Reporting Standard The notified Competent Authority will take all appropriate measures available under its domestic law to address the errors or non-compliance described in the notice. SECTION 5 Confidentiality and Data Safeguards Mutual Administrative Assistance 1. All information exchanged is subject to the confidentiality rules and other safeguards provided for in the Convention, including the provisions limiting the use of the information exchanged and, to the extent needed to ensure the necessary level of protection of personal data, in accordance with the safeguards which may be specified by the supplying Competent Authority as required under its domestic law and listed in Annex C. 2. A Competent Authority will notify the Co-ordinating Body Secretariat immediately regarding any breach of confidentiality or failure of safeguards and any sanctions and remedial actions consequently imposed. The Co-ordinating Body Secretariat will notify all Competent Authorities with respect to which this is an Agreement in effect with the first mentioned Competent Authority. SECTION 6 Consultations and Amendments 1. If any difficulties in the implementation or interpretation of this Agreement arise, a Competent Authority may request consultations with one or more of the Competent Authorities to develop appropriate measures to ensure that this Agreement is fulfilled. The Competent Authority that requested the consultations shall ensure, as appropriate, that the Co-ordinating Body Secretariat is notified of any measures that were developed and the Co-ordinating Body Secretariat will notify all Competent Authorities, even those that did not participate in the consultations, of any measures that were developed. 2. This Agreement may be amended by consensus by written agreement of all of the Competent Authorities that have the Agreement in effect. Unless otherwise agreed upon, such an amendment is effective on the first day of the month following Mutual Administrative Assistance the expiration of a period of one month after the date of the last signature of such written agreement. SECTION 7 Term of Agreement 1. A Competent Authority must provide, at the time of signature of this Agreement or as soon as possible after its Jurisdiction has the necessary laws in place to implement the Common Reporting Standard, a notification to the Co- ordinating Body Secretariat: a) that its Jurisdiction has the necessary laws in place to implement the Common Reporting Standard and specifying the relevant effective dates with respect to Preexisting Accounts, New Accounts, and the application or completion of the reporting and due diligence procedures; b) confirming whether the Jurisdiction is to be listed in Annex A; c) specifying one or more methods for data transmission including encryption (Annex B); d) specifying safeguards, if any, for the protection of personal data (Annex C); e) that it has in place adequate measures to ensure the required confidentiality and data safeguards standards are met and attaching the completed confidentiality and data safeguard questionnaire, to be included in Annex D; and Mutual Administrative Assistance f) a list of the Jurisdictions of the Competent Authorities with respect to which it intends to have this Agreement in effect, following national legislative procedures (if any). 2. Competent Authorities must notify the Co-ordinating Body Secretariat, promptly, of any subsequent change to be made to the above-mentioned Annexes. 2.1. This Agreement will come into effect between two Competent Authorities on the later of the following dates: (i) the date on which the second of the two Competent Authorities has provided notification to the Co-ordinating Body Secretariat under paragraph 1, including listing the other Competent Authority’s Jurisdiction pursuant to subparagraph 1(f), and, if applicable, (ii) the date on which the Convention has entered into force and is in effect for both Jurisdictions. 2.2. The Co-ordinating Body Secretariat will maintain a list that will be published on the OECD website of the Competent Authorities that have signed the Agreement and between which Competent Authorities this is an Agreement in effect (Annex E). 2.3. The Co-ordinating Body Secretariat will publish on the OECD website the information provided by Competent Authorities pursuant to subparagraphs 1(a) and (b). The information provided pursuant to subparagraphs 1(c) through (f) will be made available to other signatories upon request in writing to the Co-ordinating Body Secretariat. 3. A Competent Authority may suspend the exchange of information under this Agreement by giving notice in writing to another Competent Authority that it has determined that there is or has been significant non-compliance by the second mentioned Competent Authority with this Agreement. Such suspension will have immediate effect. For the purposes of this paragraph, significant non-compliance includes, but is not Mutual Administrative Assistance limited to, non-compliance with the confidentiality and data safeguard provisions of this Agreement and the Convention, a failure by the Competent Authority to provide timely or adequate information as required under this Agreement or defining the status of Entities or accounts as Non-Reporting Financial Institutions and Excluded Accounts in a manner that frustrates the purposes of the Common Reporting Standard. 4. A Competent Authority may terminate its participation in this Agreement, or with respect to a particular Competent Authority, by giving notice of termination in writing to the Coordinating Body Secretariat. Such termination will become effective on the first day of the month following the expiration of a period of 12 months after the date of the notice of termination. In the event of termination, all information previously received under this Agreement will remain confidential and subject to the terms of the Convention. SECTION 8 Co-Ordinating Body Secretariat 1. Unless otherwise provided for in the Agreement, the Co- ordinating Body Secretariat will notify all Competent Authorities of any notifications that it has received under this Agreement and will provide a notice to all signatories of the Agreement when a new Competent Authority signs the Agreement. 2. All signatories to the Agreement will share equally, on an annual basis, the costs for the administration of the Agreement by the Co-ordinating Body Secretariat. Notwithstanding the previous sentence, qualifying countries will be exempt from sharing the costs in accordance with Article X of the Rules of Procedure of the Co-ordinating Body of the Convention. Mutual Administrative Assistance SCHEDULE III [section 9] COMMON STANDARD ON REPORTING AND DUEDILIGENCE FOR FINANCIAL ACCOUNTINFORMATION Section I: General Reporting Requirements A. Subject to paragraphs C through F, each Reporting Financial Institution must report the following information with respect to each Reportable Account of such Reporting Financial Institution: 1. the name, address, jurisdiction(s) of residence, TIN(s) and date and place of birth (in the case of an individual) of each Reportable Person that is an Account Holder of the account and, in the case of any Entity that is an Account Holder and that, after application of the due diligence procedures consistent with Sections V, VI and VII, is identified as having one or more Controlling Persons that is a Reportable Person, the name, address, jurisdiction(s) of residence and TIN(s) of the Entity and the name, address, jurisdiction(s) of residence, TIN(s) and date and place of birth of each Reportable Person; 2. the account number (or functional equivalent in the absence of an account number); 3. the name and identifying number (if any) of the Reporting Financial Institution; 4. the account balance or value (including, in the case of a Cash Value Insurance Contract or Annuity Contract, the Cash Value or surrender value) as of the end of the relevant calendar year, if the account was closed during such year, the closure of the account; Mutual Administrative Assistance 5. in the case of any Custodial Account: (a) the total gross amount of interest, the total gross amount of dividends, and the total gross amount of other income generated with respect to the assets held in the account, in each case paid or credited to the account (or with respect to the account) during the calendar year; and (b) the total gross proceeds from the sale or redemption of Financial Assets paid or credited to the account during the calendar year with respect to which the Reporting Financial Institution acted as a custodian, broker, nominee, or otherwise as an agent for the Account Holder; 6. in the case of any Depository Account, the total gross amount of interest paid or credited to the account during the calendar year; and 7. in the case of any account not described in subparagraph A(5) or (6), the total gross amount paid or credited to the Account Holder with respect to the account during the calendar year with respect to which the Reporting Financial Institution is the obligor or debtor, including the aggregate amount of any redemption payments made to the Account Holder during the calendar year. B. The information reported must identify the currency in which each amount is denominated. C. Notwithstanding subparagraph A(1), with respect to each Reportable Account that is a Preexisting Account, the TIN(s) or date of birth is not required to be reported if such TIN(s) or date of birth is not in the records of Mutual Administrative Assistance the Reporting Financial Institution and is not otherwise required to be collected by such Reporting Financial Institution under domestic law. However, a Reporting Financial Institution is required to use reasonable efforts to obtain the TIN(s) and date of birth with respect to Preexisting Accounts by the end of the second calendar year following the year in which such Accounts were identified as Reportable Accounts. D. Notwithstanding subparagraph A(1), the TIN is not required to be reported if (i) a TIN is not issued by the relevant Reportable Jurisdiction or (ii) the domestic law of the relevant Reportable Jurisdiction does not require the collection of the TIN issued by such Reportable Jurisdiction. E. Notwithstanding subparagraph A(1), the place of birth is not required to be reported unless the Reporting Financial Institution is otherwise required to obtain and report it under domestic law and it is available in the electronically searchable data maintained by the Reporting Financial Institution. F. Notwithstanding paragraph A, the information to be reported with respect to 2017 is the information described in such paragraph, except for gross proceeds described in subparagraph A(5)(b). Section II: General Due Diligence Requirements A. An account is treated as a Reportable Account beginning as of the date it is identified as such pursuant to the due diligence procedures in Sections II through VII and, unless otherwise provided, information with respect to a Reportable Account must be reported annually in the calendar year following the year to which the information relates. B. The balance or value of an account is determined as of the last day of the calendar year. Mutual Administrative Assistance C where a balance or value threshold is to be determined as of the last day of a calendar year, the relevant balance or value must be determined as of the last day of the reporting period that ends with that calendar year. D. Each Jurisdiction may allow Reporting Financial Institutions to use service providers to fulfil the reporting and due diligence obligations imposed on such Reporting Financial Institutions, as contemplated in domestic law, but these obligations shall remain the responsibility of the Reporting Financial Institutions. Section III: Due Diligence for Preexisting Individual Accounts The following procedures apply for purposes of identifying Reportable Accounts among Preexisting Individual Accounts. A. Accounts Not Required to be Reviewed, Identified, or Reported. A Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract is not required to be reviewed, identified or reported, provided the Reporting Financial Institution is effectively prevented by law from selling such Contract to residents of a Reportable Jurisdiction. B. Lower Value Accounts. The following procedures apply with respect to Lower Value Accounts. 1. Residence Address. If the Reporting Financial Institution has in its records a current residence address for the individual Account Holder based on Documentary Evidence, the Reporting Financial Institution may treat the individual Account Holder as being a resident for tax purposes of the jurisdiction in which the address is located for purposes of determining whether such individual Account Holder is a Reportable Person. Mutual Administrative Assistance 2. Electronic Record Search. If the Reporting Financial Institution does not rely on a current residence address for the individual Account Holder based on Documentary Evidence as set forth in subparagraph B(1), the Reporting Financial Institution must review electronically searchable data maintained by the Reporting Financial Institution for any of the following indicia and apply subparagraphs B(3) through (6): (a) identification of the Account Holder as a resident of a Reportable Jurisdiction; (b) current mailing or residence address (including a post office box) in a Reportable Jurisdiction; (c) one or more telephone numbers in a Reportable Jurisdiction and no telephone number in the jurisdiction of the Reporting Financial Institution; (d) standing instructions (other than with respect to a Depository Account) to transfer funds to an account maintained in a Reportable Jurisdiction; (e) currently effective power of attorney or signatory authority granted to a person with an address in a Reportable Jurisdiction; or (f) a “hold mail” instruction or “in-care-of” address in a Reportable Jurisdiction if the Reporting Financial Institution does not have any other address on file for the Account Holder. Mutual Administrative Assistance 3. If none of the indicia listed in subparagraph B(2) are discovered in the electronic search, then no further action is required until there is a change in circumstances that results in one or more indicia being associated with the account, or the account becomes a High Value Account. 4. If any of the indicia listed in subparagraph B(2)(a) through (e) are discovered in the electronic search, or if there is a change in circumstances that results in one or more indicia being associated with the account, then the Reporting Financial Institution must treat the Account Holder as a resident for tax purposes of each Reportable Jurisdiction for which an indicium is identified, unless it elects to apply subparagraph B(6) and one of the exceptions in such subparagraph applies with respect to that account. 5. If a “hold mail” instruction or “in-care-of” address is discovered in the electronic search and no other address and none of the other indicia listed in subparagraph B(2)(a) through (e) are identified for the Account Holder, the Reporting Financial Institution must, in the order most appropriate to the circumstances, apply the paper record search described in subparagraph C(2), or seek to obtain from the Account Holder a self-certification or Documentary Evidence to establish the residence(s) for tax purposes of such Account Holder. If the paper search fails to establish an indicium and the attempt to obtain the self-certification or Documentary Evidence is not successful, the Reporting Financial Institution must report the account as an undocumented account. 6. Notwithstanding a finding of indicia under subparagraph B(2), a Reporting Financial Institution is not required to treat an Account Holder as a resident of a Reportable Jurisdiction if: (a) the Account Holder information contains a current mailing or residence address in the Reportable Jurisdiction, one or more Mutual Administrative Assistance telephone numbers in the Reportable Jurisdiction (and no telephone number in the jurisdiction of the Reporting Financial Institution) or standing instructions (with respect to Financial Accounts other than Depository Accounts) to transfer funds to an account maintained in a Reportable Jurisdiction, the Reporting Financial Institution obtains, or has previously reviewed and maintains a record of: (i) a self-certification from the Account Holder of the jurisdiction(s) of residence of such Account Holder that does not include such Reportable Jurisdiction; and (ii) Documentary Evidence establishing the Account Holder’s non-reportable status. (b) the Account Holder information contains a currently effective power of attorney or signatory authority granted to a person with an address in the Reportable Jurisdiction, the Reporting Financial Institution obtains, or has previously reviewed and maintains a record of: (i) a self-certification from the Account Holder of the jurisdiction(s) of residence of such Account Holder that does not include such Reportable Jurisdiction; or (ii) Documentary Evidence establishing the Account Holder’s non-reportable status. Mutual Administrative Assistance C. Enhanced Review Procedures for High Value Accounts. The following enhanced review procedures apply with respect to High Value Accounts. 1. Electronic Record Search. with respect to High Value Accounts, the Reporting Financial Institution must review electronically searchable data maintained by the Reporting Financial Institution for any of the indicia described in subparagraph B(2). 2. Paper Record Search. If the Reporting Financial Institution’s electronically searchable databases include fields for, and capture all of the information described in, subparagraph C(3), then a further paper record search is not required. If the electronic databases do not capture all of this information, then with respect to a High Value Account, the Reporting Financial Institution must also review the current customer master file and, to the extent not contained in the current customer master file, the following documents associated with the account and obtained by the Reporting Financial Institution within the last five years for any of the indicia described in subparagraph B(2): (a) The most recent Documentary Evidence collected with respect to the account; (b) the most recent account opening contractor documentation; (c) the most recent documentation obtained by the Reporting Financial Institution pursuant to AML/KyC Procedures or for other regulatory purposes; (d) any power of attorney or signature authority forms currently in effect; and Mutual Administrative Assistance (e) any standing instructions (other than with respect to a Depository Account)to transfer funds currently in effect. 3. Exception To The Extent Databases Contain Sufficient Information. A Reporting Financial Institution is not required to perform the paper record search described in subparagraph C(2)to the extent the Reporting Financial Institution’s electronically searchable information includes the following: (a) the Account Holder’s residence status; (b) the Account Holder’s residence address and mailing address currently on file with the Reporting Financial Institution; (c) the Account Holder’s telephone number(s) currently on file, if any, with the Reporting Financial Institution; (d) in the case of Financial Accounts other than Depository Accounts, whether there are standing instructions to transfer funds in the account to another account(including an account at another branch of the Reporting Financial Institution or another Financial Institution); (e) whether there is a current “in-care-of” address or “hold mail” instruction for the Account Holder; and (f) whether there is any power of attorney or signatory authority for the account. 4. Relationship Manager Inquiry for Actual Knowledge. In addition to the electronic and paper record searches described Mutual Administrative Assistance above, the Reporting Financial Institution must treat as a Reportable Account any High Value Account assigned to a relationship manager (including any Financial Accounts aggregated with that High Value Account) if the relationship manager has actual knowledge that the Account Holder is a Reportable Person. 5. Effect of Finding Indicia. (a) If none of the indicia listed in subparagraph B(2) are discovered in the enhanced review of High Value Accounts described above, and the account is not identified as held by a Reportable Person in subparagraph C(4), then further action is not required until there is a change in circumstances that results in one or more indicia being associated with the account. (b) If any of the indicia listed in subparagraph B(2)(a) through (e) are discovered in the enhanced review of High Value Accounts described above, or if there is a subsequent change in circumstances that results in one or more indicia being associated with the account, then the Reporting Financial Institution must treat the account as a Reportable Account with respect to each Reportable Jurisdiction for which an indicium is identified unless it elects to apply subparagraph B(6) and one of the exceptions in such subparagraph applies with respect to that account. (c) If a “hold mail” instruction or “in-care of” address is discovered in the enhanced review of High Value Accounts described above, and Mutual Administrative Assistance no other address and none of the other indicia listed in subparagraph B(2)(a) through (e) are identified for the Account Holder, the Reporting Financial Institution must obtain from such Account Holder a self-certification or Documentary Evidence to establish the residence(s)for tax purposes of the Account Holder. If the Reporting Financial Institution cannot obtain such self-certification or Documentary Evidence, it must report the account as an undocumented account. 6. If a Preexisting Individual Account is not a High Value Account as of 31 December2016, but becomes a High Value Account as of the last day of a subsequent calendar year, the Reporting Financial Institution must complete the enhanced review procedures described in paragraph C with respect to such account within the calendar year following the year in which the account becomes a High Value Account. If based on this review such account is identified as a Reportable Account, the Reporting Financial Institution must report the required information about such account with respect to the year in which it is identified as a Reportable Account and subsequent years on an annual basis, unless the Account Holder ceases to be a Reportable Person. 7. Once a Reporting Financial Institution applies the enhanced review procedures described in paragraph C to a High Value Account, the Reporting Financial Institution is not required to re-apply such procedures, other than the relationship manager inquiry described in subparagraph C(4), to the same High Value Account in any subsequent year unless the account is undocumented where the Reporting Financial Institution should re-apply them annually until such account ceases to be undocumented. Mutual Administrative Assistance 8. If there is a change of circumstances with respect to a High Value Account that results in one or more indicia described in subparagraph B(2) being associated with the account, then the Reporting Financial Institution must treat the account as a Reportable Account with respect to each Reportable Jurisdiction for which an indicium is identified unless it elects to apply subparagraph B(6) and one of the exceptions in such subparagraph applies with respect to that account. 9. A Reporting Financial Institution must implement procedures to ensure that a200 Mutual Administrative Assistance in Tax Matters [No. 18relationship manager identifies any change in circumstances of an account. For example, if a relationship manager is notified that the Account Holder has a new mailing address in a Reportable Jurisdiction, the Reporting Financial Institution is required to treat the new address as a change in circumstances and, if it elects to apply subparagraph B(6), is required to obtain the appropriate documentation from the Account Holder. D. Review of Preexisting Individual Accounts must be completed by 31 December 2016. E. Any Preexisting Individual Account that has been identified as a Reportable Account under this Section must be treated as a Reportable Account in all subsequent years, unless the Account Holder ceases to be a Reportable Person. Section IV: Due Diligence for New Individual Accounts The following procedures apply for purposes of identifying Reportable Accounts among New Individual Accounts. A. with respect to New Individual Accounts, upon account opening, the Reporting Financial Institution must obtain a self- certification, which may be part of the account opening Mutual Administrative Assistance documentation, that allows the Reporting Financial Institution to determine the Account Holder’s residence(s) for tax purposes and confirm the reasonableness of such self-certification based on the information obtained by the Reporting Financial Institution in connection with the opening of the account, including any documentation collected pursuant to AML/KYC Procedures. B. If the self-certification establishes that the Account Holder is resident for tax purposes in a Reportable Jurisdiction, the Reporting Financial Institution must treat the account as a Reportable Account and the self-certification must also include the Account Holder’s TIN with respect to such Reportable Jurisdiction(subject to paragraph D of Section I) and date of birth. C. If there is a change of circumstances with respect to a New Individual Account that causes the Reporting Financial Institution to know, or have reason to know, that the original self-certification is incorrect or unreliable, the Reporting Financial Institution cannot rely on the original self-certification and must obtain a valid self-certification that establishes the residence(s) for tax purposes of the Account Holder. Section V: Due Diligence for Preexisting Entity Accounts The following procedures apply for purposes of identifying Reportable Accounts among Preexisting Entity Accounts. A. Entity Accounts Not Required to Be Reviewed, Identified or Reported Unless the Reporting Financial Institution elects otherwise, either with respect to all Preexisting Entity Accounts or, separately, with respect to any clearly identified group of such accounts, a Preexisting Entity Account with an aggregate account balance or value that does not exceed USD 250 000 as of 31December 2016, is not required to be reviewed, identified, or reported as a Reportable Account until Mutual Administrative Assistance the aggregate account balance or value exceeds USD 250000 as of the last day of any subsequent calendar year. B. Entity Accounts Subject to Review. A Preexisting Entity Account that has an aggregate account balance or value that exceeds USD 250 000 as of 31 December2016, and a Preexisting Entity Account that does not exceed USD 250 000 as of 31December 2016 but the aggregate account balance or value of which exceeds USD 250000 as of the last day of any subsequent calendar year, must be reviewed in accordance with the procedures set forth in paragraph D. C. Entity Accounts With Respect to Which Reporting Is Required. With respect to Preexisting Entity Accounts described in paragraph B, only accounts that are held by one or more Entities that are Reportable Persons, or by Passive NFEs with one or more Controlling Persons who are Reportable Persons, shall be treated as Reportable Accounts. D. Review Procedures for Identifying Entity Accounts With Respect to Which Reporting Is Required. For Preexisting Entity Accounts described in paragraph B, a Reporting Financial Institution must apply the following review procedures to determine whether the account is held by one or more Reportable Persons, or by Passive NFEs with one or more Controlling Persons who are Reportable Persons: 1. Determine Whether the Entity Is a Reportable Person. (a) Review information maintained for regulatory or customer relationship purposes (including information collected pursuant to AML/KYC Procedures) to determine whether the information indicates that the Account Holder is resident in a Reportable Jurisdiction. For this purpose, information indicating that the Account Holder is resident in a Reportable Mutual Administrative Assistance Jurisdiction includes a place of incorporation or organisation, or an address in a Reportable Jurisdiction. (b) If the information indicates that the Account Holder is resident in a Reportable Jurisdiction, the Reporting Financial Institution must treat the account as a Reportable Account unless it obtains a self-certification from the Account Holder, or reasonably determines based on information in its possession or that is publicly available, that the Account Holder is not a Reportable Person. 2. Determine Whether the Entity is a Passive NFE with One or More Controlling Persons Who Are Reportable Persons. with respect to an Account Holder of a Preexisting Entity Account (including an Entity that is a Reportable Person), the Reporting Financial Institution must determine whether the Account Holder is a Passive NFE with one or more Controlling Persons who are Reportable Persons. If any of the Controlling Persons of a Passive NFE is a Reportable Person, then the account must be treated as a Reportable Account. In making these determinations the Reporting Financial Institution must follow the guidance in subparagraphs D(2)(a) through(c) in the order most appropriate under the circumstances. (a) Determining whether the Account Holder is a Passive NFE. For purposes of determining whether the Account Holder is a Passive NFE, the Reporting Financial Institution must obtain a self-certification from the Account Holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the Account Holder is an Active NFE or a Financial Institution other Mutual Administrative Assistance than an Investment Entity described in subparagraph A(6)(b) of Section VIII that is not a Participating Jurisdiction Financial Institution. (b) Determining the Controlling Persons of an Account Holder. For the purposes of determining the Controlling Persons of an Account Holder, a Reporting Financial Institution may rely on information collected and maintained pursuant to AML/KyC Procedures. (c) Determining whether a Controlling Person of a Passive NFE is a Reportable Person. For the purposes of determining whether a Controlling Person of a Passive NFE is a Reportable Person, a Reporting Financial Institution may rely on: i) information collected and maintained pursuant to AML/KyC Procedures in the case of a Preexisting Entity Account held by one or more NFEs with an aggregate account balance or value that does not exceed USD1 000 000; or ii) a self-certification from the Account Holder or such Controlling Person of the jurisdiction(s) in which the Controlling Person is resident for tax purposes. E. Timing of Review and Additional Procedures Applicable to Preexisting Entity Accounts. 1. Review of Preexisting Entity Accounts with an aggregate account balance or value that exceeds USD 250 000 Mutual Administrative Assistance as of31 December 2016 must be completed by 31 December 2018. 2. Review of Preexisting Entity Accounts with an aggregate account balance or value that does not exceed USD 250000 as of 31 December 2016, but exceeds USD 250 000 as of 31December of a subsequent year, must be completed within the calendar year following the year in which the aggregate account balance or value exceeds USD250 000. 3. If there is a change of circumstances with respect to a Preexisting Entity Account that causes the Reporting Financial Institution to know, or have reason to know, that the self- certification or other documentation associated with an account is incorrect or unreliable, the Reporting Financial Institution must re-determine the status of the account in accordance with the procedures set forth in paragraph D. Section VI: Due Diligence for New Entity Accounts The following procedures apply for purposes of identifying Reportable Accounts among New Entity Accounts. A. Review Procedures for Identifying Entity Accounts With Respect to Which Reporting Is Required. For New Entity Accounts, a Reporting Financial Institution must apply the following review procedures to determine whether the account is held by one or more Reportable Persons, or by Passive NFEs with one or more Controlling Persons who are Reportable Persons: 1. Determine Whether the Entity Is a Reportable Person. (a) Obtain a self-certification, which maybe part of the account opening documentation, that allows the Reporting Financial Institution to determine the Account Holder’s residence(s) Mutual Administrative Assistance for tax purposes and confirm the reasonableness of such self-certification based on the information obtained by the Reporting Financial Institution in connection with the opening of the account, including any documentation collected pursuant to AML/KyC Procedures. If the Entity certifies that it has no residence for tax purposes, the Reporting Financial Institution may rely on the address of the principal office of the Entity to determine the residence of the Account Holder. (b) If the self-certification indicates that the Account Holder is resident in a Reportable Jurisdiction, the Reporting Financial Institution must treat the account as a Reportable Account unless it reasonably determines based on information in its possession or that is publicly available, that the Account Holder is not a Reportable Person with respect to such Reportable Jurisdiction. 2. Determine Whether the Entity is a Passive NFE with One or More Controlling Persons Who Are Reportable Persons. with respect to an Account Holder of a New Entity Account(including an Entity that is a Reportable Person), the Reporting Financial Institution must determine whether the Account Holder is a Passive NFE with one or more Controlling Persons who are Reportable Persons. If any of the Controlling Persons of a Passive NFE is a Reportable Person, then the account must be treated as a Reportable Account. In making these determinations the Reporting Financial Institution must follow the guidance in subparagraphs A(2)(a) through (c) in the order most appropriate under the circumstances. Mutual Administrative Assistance (a) Determining whether the Account Holder is a Passive NFE. For purposes of determining whether the Account Holder is a Passive NFE, the Reporting Financial Institution must rely on a self-certification from the Account Holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the Account Holder is an Active NFE or a Financial Institution other than an Investment Entity described in subparagraph A(6)(b) of Section VIII that is not a Participating Jurisdiction Financial Institution. (b) Determining the Controlling Persons of an Account Holder. For purposes of determining the Controlling Persons of an Account Holder, a Reporting Financial Institution may rely on information collected and maintained pursuant to AML/KyC Procedures. (c) Determining whether a Controlling Person of a Passive NFE is a Reportable Person. For purposes of determining whether a Controlling Person of a Passive NFE is a Reportable Person, a Reporting Financial Institution may rely on a self-certification from the Account Holder or such Controlling Person. Section VII: Special Due Diligence Rules The following additional rules apply in implementing the due diligence procedures described above: Mutual Administrative Assistance A. Reliance on Self-Certifications and Documentary Evidence. A Reporting Financial Institution may not rely on a self-certification or Documentary Evidence if the Reporting Financial Institution knows or has reason to know that the self- certification or Documentary Evidence is incorrect or unreliable. B. Alternative Procedures for Financial Accounts Held by Individual Beneficiaries of a Cash Value Insurance Contract or an Annuity Contract. A Reporting Financial Institution may presume that an individual beneficiary (other than the owner) of a Cash Value Insurance Contract or an Annuity Contract receiving a death benefit is not a Reportable Person and may treat such Financial Account as other than a Reportable Account unless the Reporting Financial Institution has actual knowledge, or reason to know, that the beneficiary is a Reportable Person. A Reporting Financial Institution has reason to know that a beneficiary of a Cash Value Insurance Contract or an Annuity Contract is a Reportable Person if the information collected by the Reporting Financial Institution and associated with the beneficiary contains indicia as described in paragraph B of Section III. If a Reporting Financial Institution has actual knowledge, or reason to know, that the beneficiary is a Reportable Person, the Reporting Financial Institution must follow the procedures in paragraph B of Section III. C. Account Balance Aggregation and Currency Rules. 1. Aggregation of Individual Accounts. For purposes of determining the aggregate balance or value of Financial Accounts held by an individual, a Reporting Financial Institution is required to aggregate all Financial Accounts maintained by the Reporting Financial Institution, or by a Related Entity, but only to the extent that the Reporting Financial Institution’s computerised systems link the Financial Accounts by reference to a data element such as client number or TIN, and allow account balances or values to be aggregated. Mutual Administrative Assistance Each holder of a jointly held Financial Account shall be attributed the entire balance or value of the jointly held Financial Account for purposes of applying the aggregation requirements described in this subparagraph. 2. Aggregation of Entity Accounts. For purposes of determining the aggregate balance or value of Financial Accounts held by an Entity, a Reporting Financial Institution is required to take into account all Financial Accounts that are maintained by the Reporting Financial Institution, or by a Related Entity, but only to the extent that the Reporting Financial Institution’s computerised systems link the Financial Accounts by reference to a data element such as client number or TIN, and allow account balances or values to be aggregated. Each holder of a jointly held Financial Account shall be attributed the entire balance or value of the jointly held Financial Account for purposes of applying the aggregation requirements described in this subparagraph. 3. Special Aggregation Rule Applicable to Relationship Managers. For purposes of determining the aggregate balance or value of Financial Accounts held by a person to determine whether a Financial Account is a High Value Account, a Reporting Financial Institution is also required, in the case of any Financial Accounts that a relationship manager knows, or has reason to know, are directly or indirectly owned, controlled, or established (other than in a fiduciary capacity) by the same person, to aggregate all such accounts. 4. Amounts Read to Include Equivalent in Other Currencies. All dollar amounts are in US dollars and shall be read to include equivalent amounts in other currencies, as determined by domestic law. Section VIII: Defined Terms The following terms have the meanings set forth below: Mutual Administrative Assistance A. Reporting Financial Institution 1. The term “Reporting Financial Institution” means any Participating Jurisdiction Financial Institution that is not a Non Reporting Financial Institution. 2. The term “Participating Jurisdiction Financial Institution” means (i) any Financial Institution that is resident in a Participating Jurisdiction, but excludes any branch of that Financial Institution that is located outside such Participating Jurisdiction, and (ii) any branch of a Financial Institution that is not resident in a Participating Jurisdiction, if that branch is located in such Participating Jurisdiction. 3. The term “Financial Institution” means a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company. 4. The term “Custodial Institution” means any Entity that holds, as a substantial portion of its business, Financial Assets for the account of others. An Entity holds Financial Assets for the account of others as a substantial portion of its business if the Entity’s gross income attributable to the holding of Financial Assets and related financial services equals or exceeds20% of the Entity’s gross income during the shorter of: (i) the three-year period that end son 31 December prior to the year in which the determination is being made; or (ii) the period during which the Entity has been in existence. The term “Depository Institution” means any Entity that accepts deposits in the ordinary course of a banking or similar business. The term “Investment Entity” means any Entity: that primarily conducts as a business one or more of the following activities or operations for or on behalf of a customer: trading in money market instruments (cheques, bills, certificates of deposit, derivatives, etc.);foreign exchange; exchange, interest rate and Mutual Administrative Assistance index instruments; transferable securities; or commodity futures trading; individual and collective portfolio management; or iii) otherwise investing, administering, or managing Financial Assets or money on behalf of other persons; or the gross income of which is primarily attributable to investing, reinvesting, or trading in Financial Assets, if the Entity is managed by another Entity that is a Depository Institution, a Custodial Institution, a Specified Insurance Company, or an Investment Entity described in subparagraph A(6)(a). An Entity is treated as primarily conducting as a business one or more of the activities described in subparagraph A(6)(a), or an Entity’s gross income is primarily attributable to investing, reinvesting, or trading in Financial Assets for purposes of subparagraph A(6)(b),if the Entity’s gross income attributable to the relevant activities equals or exceeds 50% of the Entity’s gross income during the shorter of: (i) the three-year period ending on 31December of the year preceding the year in which the determination is made; or (ii) the period during which the Entity has been inexistence. The term “Investment Entity” does not include an Entity that is an Active NFE because it meets any of the criteria in subparagraphs D(9)(d) through (g). This paragraph shall be interpreted in a manner consistent with similar language set forth in the definition of “financial institution” in the Financial Action Task Force Recommendations. The term “Financial Asset” includes a security(for example, a share of stock in a corporation; partnership or beneficial ownership interest in a widely held or publicly traded partnership or trust; note, bond, debenture, or other evidence of indebtedness), partnership interest, commodity, swap (for example, interest rate swaps, currency swaps, basis swaps, interest rate caps, interest rate floors, commodity swaps, equity swaps, equity index swaps, and similar agreements), Insurance Contract or Annuity Contract, or any interest (including a Mutual Administrative Assistance futures or forward contract or option) in a security, partnership interest, commodity, swap, Insurance Contract, or Annuity Contract. The term “Financial Asset” does not include a non- debt, direct interest in real property. The term “Specified Insurance Company” means any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract. B. Non-Reporting Financial Institution 1. The term “Non-Reporting Financial Institution” means any Financial Institution that is: (a) a Governmental Entity, International Organisation or Central Bank, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution; (b) a Broad Participation Retirement Fund; a Narrow Participation Retirement Fund; a Pension Fund of a Governmental Entity, International Organisation or Central Bank; or a Qualified Credit Card Issuer; (c) any other Entity that presents a low risk of being used to evade tax, has substantially similar characteristics to any of the Entities described in subparagraphs B(1)(a) and (b), Mutual Administrative Assistance and is defined in domestic law as a Non- Reporting Financial Institution, provided that the status of such Entity as a Non-Reporting Financial Institution does not frustrate the purposes of the Common Reporting Standard; (d) an Exempt Collective Investment Vehicle; or (e) a trust to the extent that the trustee of the trust is a Reporting Financial Institution and reports all information required to be reported pursuant to Section I with respect to all Reportable Accounts of the trust. 2. The term “Governmental Entity” means the government of a jurisdiction, any political subdivision of a jurisdiction (which, for the avoidance of doubt, includes a state, province, county, or municipality), or any wholly owned agency or instrumentality of a jurisdiction or of any one or more of the foregoing (each, a“ Governmental Entity”). This category is comprised of the integral parts, controlled entities, and political subdivisions of a jurisdiction. (a) An “integral part” of a jurisdiction means any person, organisation, agency, bureau, fund, instrumentality, or other body, however designated, that constitutes a governing authority of a jurisdiction. The net earnings of the governing authority must be credited to its own account or to other accounts of the jurisdiction, with no portion inuring to the benefit of any private person. An integral part does not include any individual who is a sovereign, official, or administrator acting in a private or personal capacity. Mutual Administrative Assistance (b) A controlled entity means an Entity that is separate in form from the jurisdiction or that otherwise constitutes a separate juridical entity, provided that: (i) the Entity is wholly owned and controlled by one or more Governmental Entities directly or through one or more controlled entities; (ii) the Entity’s net earnings are credited to its own account or to the accounts of one or more Governmental Entities, with no portion of its income inuring to the benefit of any private person; and (iii) the Entity’s assets vest in one or more Governmental Entities upon dissolution. (c) Income does not inure to the benefit of private persons if such persons are the intended beneficiaries of a governmental programme, and the programme activities are performed for the general public with respect to the common welfare or relate to the administration of some phase of government. Notwithstanding the foregoing, however, income is considered to inure to the benefit of private persons if the income is derived from the use of a governmental entity to conduct a commercial business, such as a commercial banking business, that provides financial services to private persons. 3. The term “International Organisation” means any international organisation or wholly owned agency or Mutual Administrative Assistance instrumentality thereof. This category includes any intergovernmental organisation (including a supranational organisation) (1) that is comprised primarily of governments; (2) that has in effect a headquarters or substantially similar agreement with the jurisdiction; and (3) the income of which does not inure to the benefit of private persons. 4. The term “Central Bank” means an institution that is by law or government sanction the principal authority, other than the government of the jurisdiction itself, issuing instruments intended to circulate as currency. Such an institution may include an instrumentality that is separate from the government of the jurisdiction, whether or not owned in whole or in part by the jurisdiction. 5. The term “Broad Participation Retirement Fund” means a fund established to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund: (a) does not have a single beneficiary with a right to more than five per cent of the fund’s assets; (b) is subject to government regulation and provides information reporting to the tax authorities; and (c) satisfies at least one of the following requirements: (i) the fund is generally exempt from tax on investment income, or taxation of such income is deferred or taxed at a reduced rate, due to its status as a retirement or pension plan; Mutual Administrative Assistance (ii) the fund receives at least 50% of its total contributions (other than transfers of assets from other plansde scribed in subparagraphs B(5)through (7) or from retirement and pension accounts described in subparagraph C(17)(a)) from the sponsoring employers; (iii) distributions or withdrawals from the fund are allowed only upon the occurrence of specified events related to retirement, disability, or death (except rollover distributions to other retirement funds described in subparagraphs B(5) through (7) or retirement and pension accounts described in subparagraph C(17)(a)), or penalties apply to distributions or withdrawals made before such specified events; or (iv) contributions (other than certain permitted make-up contributions)by employees to the fund are limited by reference to earned income of the employee or may not exceed USD 50 000 annually, applying the rules set forth in paragraph C of Section VII for account aggregation and currency translation. 6. The term “Narrow Participation Retirement Fund” means a fund established to provide retirement, disability, or death benefits to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers inconsideration for services rendered, provided that: Mutual Administrative Assistance (a) the fund has fewer than 50 participants; (b) the fund is sponsored by one or more employers that are not Investment Entities or Passive NFEs; (c) the employee and employer contributions to the fund (other than transfers of assets from retirement and pension accounts described in subparagraph C(17)(a)) are limited by reference to earned income and compensation of the employee, respectively; (d) participants that are not residents of the jurisdiction in which the fund is established are not entitled to more than20% of the fund’s assets; and (e) the fund is subject to government regulation and provides information reporting to the tax authorities. 7. The term “Pension Fund of a Governmental Entity, International Organisation or Central Bank” means a fund established by a Governmental Entity, International Organisation or Central Bank to provide retirement, disability, or death benefits to beneficiaries or participants that are current or former employees (or persons designated by such employees), or that are not current or former employees, if the benefits provided to such beneficiaries or participants are inconsideration of personal services performed for the Governmental Entity, International Organisation or Central Bank. 8. The term “Qualified Credit Card Issuer” meansa Financial Institution satisfying the following requirements: Mutual Administrative Assistance (a) the Financial Institution is a Financial Institution solely because it is an issuer of credit cards that accepts deposits only when a customer makes a payment in excess of a balance due with respect to the card and the overpayment is not immediately returned to the customer; and (b) beginning on or before 1 January 2017,the Financial Institution implements policies and procedures either to prevent a customer from making an overpayment in excess of USD 50 000,or to ensure that any customer overpayment in excess of USD 50 000is refunded to the customer within 60days, in each case applying the rules set forth in paragraph C of Section VII for account aggregation and currency translation. For this purpose, a customer overpayment does not refer to credit balances to the extent of disputed charges but does include credit balances resulting from merchandise returns. 9. The term “Exempt Collective Investment Vehicle” means an Investment Entity that is regulated as a collective investment vehicle, provided that all of the interests in the collective investment vehicle are held by or through individuals or Entities that are not Reportable Persons, except a Passive NFE with Controlling Persons who are Reportable Persons. An Investment Entity that is regulated as a collective investment vehicle does not fail to qualify under subparagraph B(9) as an Exempt Collective Investment Vehicle, solely because the collective investment vehicle has issued physical shares in bearer form, provided that: Mutual Administrative Assistance (a) the collective investment vehicle has not issued, and does not issue, any physical shares in bearer form after [1 January2017]; (b) the collective investment vehicle retires all such shares upon surrender; (c) the collective investment vehicle performs the due diligence procedures set forth in Sections II through VII and reports any information required to be reported with respect to any such shares when such shares are presented for redemption or other payment; and (d) the collective investment vehicle has in place policies and procedures to ensure that such shares are redeemed or immobilised as soon as possible, and in any event prior to [1st January 2017]. C. Financial Account 1. The term “Financial Account” means an account maintained by a Financial Institution, and includes a Depository Account, a Custodial Account and: (a) in the case of an Investment Entity, any equity or debt interest in the Financial Institution. Notwithstanding the foregoing, the term “Financial Account” does not include any equity or debt interest in an Entity that is an Investment Entity solely because it (i) renders investment advice to, and acts on behalf of, or (ii) manages portfolios for, and acts on behalf of, a customer for the purpose of investing, managing, or administering Financial Assets Mutual Administrative Assistance deposited in the name of the customer with a Financial Institution other than such Entity; (b) in the case of a Financial Institution not described in subparagraph C(1)(a), any equity or debt interest in the Financial Institution, if the class of interests was established with a purpose of avoiding reporting in accordance with Section I; and (c) any Cash Value Insurance Contract and any Annuity Contract issued or maintained by a Financial Institution, other than a noninvestment-linked, non-transferable immediate life annuity that is issued to an individual and monetises a pension or disability benefit provided under an account that is an Excluded Account. The term “Financial Account” does not include any account that is an Excluded Account. 2. The term “Depository Account” includes any commercial, checking, savings, time, or thrift account, or an account that is evidenced by a certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument maintained by a Financial Institution in the ordinary course of a banking or similar business. A Depository Account also includes an amount held by an insurance company pursuant to a guaranteed investment contractor similar agreement to pay or credit interest thereon. 3. The term “Custodial Account” means an account (other than an Insurance Contract or Annuity Contract) that holds one or more Financial Assets for the benefit of another person. Mutual Administrative Assistance 4. The term “Equity Interest” means, in the case of a partnership that is a Financial Institution, either a capital or profits interest in the partnership. In the case of a trust that is a Financial Institution, an Equity Interest is considered to be held by any person treated as a settlor or beneficiary of all or a portion of the trust, or any other natural person exercising ultimate effective control over the trust. A Reportable Person will be treated as being a beneficiary of a trust if such Reportable Person has the right to receive directly or indirectly (for example, through a nominee) a mandatory distribution or may receive, directly or indirectly, a discretionary distribution from the trust. 5. The term “Insurance Contract” means a contract (other than an Annuity Contract)under which the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk. 6. The term “Annuity Contract” means a contract under which the issuer agrees to make payments for a period of time determined in whole or in part by reference to the life expectancy of one or more individuals. The term also includes a contract that is considered to be an Annuity Contract in accordance with the law, regulation, or practice of the jurisdiction in which the contract was issued, and under which the issuer agrees to make payments for a term of years. 7. The term “Cash Value Insurance Contract” means an Insurance Contract (other than an indemnity reinsurance contract between two insurance companies) that has a Cash Value. 8. The term “Cash Value” means the greater of(i) the amount that the policyholder is entitled to receive upon surrender or termination of the contract (determined without reduction for any surrender charge or policy loan), and(ii) the amount the policyholder can borrow under or with regard to the Mutual Administrative Assistance contract. Notwithstanding the foregoing, the term “Cash Value” does not include an amount payable under an Insurance Contract: (a) solely by reason of the death of an individual insured under a life insurance contract; (b) as a personal injury or sickness benefit or other benefit providing indemnification of an economic loss incurred upon the occurrence of the event insured against; (c) as a refund of a previously paid premium(less cost of insurance charges whether or not actually imposed) under an Insurance Contract (other than an investment-linked life insurance or annuity contract) due to cancellation or termination of the contract, decrease in risk exposure during the effective period of the contract, or arising from the correction of a posting or similar error with regard to the premium for the contract; (d) as a policyholder dividend (other than a termination dividend) provided that the dividend relates to an Insurance Contract under which the only benefits payable are described in subparagraph C(8)(b); or (e) as a return of an advance premium or premium deposit for an Insurance Contract for which the premium is payable at least annually if the amount of the advance premium or premium deposit does not exceed the next annual premium that will be payable under the contract. Mutual Administrative Assistance 9. The term “Preexisting Account” means— (a) a Financial Account maintained by a Reporting Financial Institution as of 31 December 2016; (b) any Financial Account of an Account Holder, regardless of the date such Financial Account was opened, if: i) the Account Holder also holds with the Reporting Financial Institution (or with a Related Entity within the same jurisdiction as the Reporting Financial Institution) a Financial Account that is a Pre-existing Account under subparagraph C(9)(a); ii) the Reporting Financial Institution (and, as applicable, the Related Entity within the same jurisdiction as the Reporting Financial Institution) treats both of the aforementioned Financial Accounts, and any other Financial Accounts of the Account Holder that are treated as Pre- existing Accounts under point (b), as a single Financial Account for purposes of satisfying the standards of knowledge requirements set forth in paragraph A of Section VII, and for purposes of determining the balance or value of any of the Financial Accounts when applying any of the account thresholds; iii) with respect to a Financial Account that is subject to AML/KYC Procedures, the Reporting Financial Institution is Mutual Administrative Assistance permitted to satisfy such AML/KYC Procedures for the Financial Account by relying upon the AML/KYC Procedures performed for the Preexisting Account described in subparagraph C(9)(a); and iv) the opening of the Financial Account does not require the provision of new, additional or amended customer information by the Account Holder other than for the purposes of the CRS. 10. The term “New Account” means a Financial Account maintained by a Reporting Financial Institution opened on or after 1st January2017. 11. The term “Preexisting Individual Account” means a Preexisting Account held by one or more individuals. 12. The term “New Individual Account” means a New Account held by one or more individuals. 13. The term “Preexisting Entity Account” means a Preexisting Account held by one or more Entities. 14. The term “Lower Value Account” means a Preexisting Individual Account with an aggregate balance or value as of 31 December2016 that does not exceed USD 1 000 000. 15. The term “High Value Account” means a Preexisting Individual Account with an aggregate balance or value that exceeds USD1 000 000 as of 31 December 2016 or 31December of any subsequent year. 16. The term “New Entity Account” means a New Account held by one or more Entities. Mutual Administrative Assistance 17. The term “Excluded Account” means any of the following accounts: (a) a retirement or pension account that satisfies the following requirements: (i) the account is subject to regulation as a personal retirement account or is part of a registered or regulated retirement or pension plan for the provision of retire mentor pension benefits (including disability or death benefits); (ii) he account is tax-favoured (i.e. contributions to the account that would otherwise be subject to tax are deductible or excluded from the gross income of the accountholder or taxed at a reduced rate, No. 18] Mutual Administrative Assistance in Tax Matters 229or taxation of investment income from the account is deferred or taxed at a reduced rate); (iii) information reporting is required to the tax authorities with respect to the account; (iv) withdrawals are conditioned on reaching a specified retirement age, disability, or death, or penalties apply to withdrawals made before such specified events; and (v) either (i) annual contributions are limited to USD 50 000 or less, or(ii) there is a maximum lifetime Mutual Administrative Assistance contribution limit to the account of USD 1 000 000 or less, in each case applying the rules set forth in paragraph C of Section VII for account aggregation and currency translation. A Financial Account that otherwise satisfies the requirement of subparagraph C(17)(a)(v)will not fail to satisfy such requirement solely because such Financial Account may receive assets or funds transferred from one or more Financial Accounts that meet the requirements of subparagraph C(17)(a) or (b) or from one or more retirement or pension funds that meet the requirements of any of subparagraphs B(5) through (7). (b) an account that satisfies the following requirements: (i) the account is subject to regulation as an investment vehicle for purposes other than for retirement and is regularly traded on an established securities market, or the account is subject to regulation as a savings vehicle for purposes other than for retirement; (ii) the account is tax-favoured (i.e. contributions to the account that would otherwise be subject to tax are deductible or excluded from the gross income of the accountholder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate); (iii) withdrawals are conditioned on meeting specific criteria related to the purpose of the investment or savings account (for Mutual Administrative Assistance example, the provision of educational or medical benefits), or penalties apply to withdrawals made before such criteria are met; and (iv) annual contributions are limited to USD 50 000 or less, applying the rules set forth in paragraph C of Section VII for account aggregation and currency translation. A Financial Account that otherwise satisfies the requirement of subparagraph C(17)(b)(iv)will not fail to satisfy such requirement solely because such Financial Account may receive assets or funds transferred from one or more Financial Accounts that meet the requirements of subparagraph C(17)(a) or (b) or from one or more retirement or pension funds that meet the requirements of any of subparagraphs B(5) through (7). (c) a life insurance contract with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: (i) periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; (ii) the contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; (iii) the amount (other than a death benefit)payable upon cancellation or Mutual Administrative Assistance termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges(whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and (iv) the contract is not held by a transferee for value. (d) an account that is held solely by an estate if the documentation for such account includes a copy of the deceased’s will or death certificate. (e) an account established in connection with any of the following: (i) a court order or judgment. (ii) a sale, exchange, or lease of real or personal property, provided that the account satisfies the following requirements: (i) the account is funded solely with adown payment, earnest money, deposit in an amount appropriate to secure an obligation directly related to the transaction, or a similar payment, or is funded with a Financial Asset that is deposited in the account in connection with the sale, exchange, or lease of the property; Mutual Administrative Assistance (ii) the account is established and used solely to secure the obligation of the purchaser to pay the purchase price for the property, the seller to pay any contingent liability, or the lessor or lessee to pay for any damages relating to the leased property as agreed under the lease; (iii) the assets of the account, including the income earned thereon, will be paid or otherwise distributed for the benefit of the purchaser, seller, lessor, or lessee(including to satisfy such person’s obligation) when the property is sold, exchanged, or surrendered, or the lease terminates; (iv) the account is not a margin or similar account established in connection with a sale or exchange of a Financial Asset; and (v) the account is not associated with an account described in subparagraph C(17)(f). (iii) an obligation of a Financial Institution servicing a loan secured by real property to set aside a portion of a payment solely to facilitate the payment of taxes or insurance related to the real property at a later time. (iv) an obligation of a Financial Institution solely to facilitate the payment of taxes at a later time. Mutual Administrative Assistance (f) a Depository Account that satisfies the following requirements: (i) the account exists solely because a customer makes a payment in excess of a balance due with respect to a credit card or other revolving credit facility and the overpayment is not immediately returned to the customer; and (ii) beginning on or before 1 January 2017,the Financial Institution implements policies and procedures either to prevent a customer from making an overpayment in excess of USD 50 000,or to ensure that any customer overpayment in excess of USD 50 000is refunded to the customer within 60days, in each case applying the rules set forth in paragraph C of Section VII for currency translation. For this purpose, a customer overpayment does not refer to credit balances to the extent of disputed charges but does include credit balances resulting from merchandise returns. (g) any other account that presents a low risk of being used to evade tax, has substantially similar characteristics to any of the accounts described in subparagraphs C(17)(a) through(f), and is defined in domestic law as an Excluded Account, provided that the status of such account as an Excluded Account does not frustrate the purposes of the Common Reporting Standard. Mutual Administrative Assistance D. Reportable Account 1. The term “Reportable Account” means an account held by one or more Reportable Persons or by a Passive NFE with one or more Controlling Persons that is a Reportable Person, provided it has been identified as such pursuant to the due diligence procedures described in Sections II through VII. 2. The term “Reportable Person” means a Reportable Jurisdiction Person other than: (i)a corporation the stock of which is regularly traded on one or more established securities markets; (ii) any corporation that is a Related Entity of a corporation described in clause(i); (iii) a Governmental Entity; (iv) an International Organisation; (v) a Central Bank; or (vi) a Financial Institution. 3. The term “Reportable Jurisdiction Person” means an individual or Entity that is resident in a Reportable Jurisdiction under the tax laws of such jurisdiction, or an estate of a decedent that was a resident of a Reportable Jurisdiction. For this purpose, an Entity such as a partnership, limited liability partnership or similar legal arrangement that has no residence for tax purposes shall be treated as resident in the jurisdiction in which its place of effective management is situated. 4. The term “Reportable Jurisdiction” means a jurisdiction (i) with which an agreement is in place pursuant to which there is an obligation in place to provide the information specified in Section I, and (ii) which is identified in a published list. 5. The term “Participating Jurisdiction” means a jurisdiction (i) with which an agreement is in place pursuant to which it will provide the information specified in Section I, and (ii)which is identified in a published list. 6. The term “Controlling Persons” means the natural persons who exercise control over an Entity. In the case of a Mutual Administrative Assistance trust, such term means the settlor(s), the trustee(s), the protector(s)(if any), the beneficiary(ies) or class(es) of beneficiaries, and any other natural person(s)exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions. The term“ Controlling Persons” must be interpreted in a manner consistent with the Financial Action Task Force Recommendations. 7. The term “NFE” means any Entity that is nota Financial Institution. 8. The term “Passive NFE” means any: (i) NFE that is not an Active NFE; or (ii) an Investment Entity described in subparagraph A(6)(b)that is not a Participating Jurisdiction Financial Institution. 9. The term “Active NFE” means any NFE that meets any of the following criteria: (a) less than 50% of the NFE’s gross income for the preceding calendar year or other appropriate reporting period is passive income and less than 50% of the assets held by the NFE during the preceding calendar year or other appropriate reporting period are assets that produce or are held for the production of passive income; (b) the stock of the NFE is regularly traded on an established securities market or the NFE is a Related Entity of an Entity the stock of which is regularly traded on an established securities market; (c) the NFE is a Governmental Entity, an International Organisation, a Central Bank, or Mutual Administrative Assistance an Entity wholly owned by one or more of the foregoing; (d) substantially all of the activities of the NFE consist of holding (in whole or in part) the outstanding stock of, or providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business of a Financial Institution, except that an Entity does not qualify for this status if the Entity functions (or holds itself out) as an investment fund, such as a private equity fund, venture capital fund, leveraged buyout fund, or any investment vehicle whose purpose is to acquire or fund companies and then hold interests in those companies as capital assets for investment purposes; (e) the NFE is not yet operating a business and has no prior operating history, but is investing capital into assets with the intent to operate a business other than that of a Financial Institution, provided that the NFE does not qualify for this exception after the date that is 24 months after the date of the initial organisation of the NFE; (f) the NFE was not a Financial Institution in the past five years, and is in the process of liquidating its assets or is reorganising with the intent to continue or recommence operations in a business other than that of a Financial Institution; (g) the NFE primarily engages in financing and hedging transactions with, or for, Related Entities that are not Financial Institutions, and Mutual Administrative Assistance does not provide financing or hedging services to any Entity that is not a Related Entity, provided that the group of any such Related Entities is primarily engaged in a business other than that of a Financial Institution; or (h) the NFE meets all of the following requirements: (i) it is established and operated in its jurisdiction of residence exclusively for religious, charitable, scientific, artistic, cultural, athletic, or educational purposes; or it is established and operated in its jurisdiction of residence and it is a professional organisation, business league, chamber of commerce, labour organisation, agricultural or horticultural organisation, civic league or an organisation operated exclusively for the promotion of social welfare; (ii) it is exempt from income tax in its jurisdiction of residence; (iii) it has no shareholders or members who have a proprietary or beneficial interest in its income or assets; (iv) the applicable laws of the NFE’s jurisdiction of residence or the NFE’s formation documents do not permit any income or assets of the NFE to be distributed to, or applied for the benefit of, a private person or non charitable Entity other than pursuant to the conduct of the NFE’s charitable activities, or as Mutual Administrative Assistance payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFE has purchased; and (v) the applicable laws of the NFE’s jurisdiction of residence or the NFE’s formation documents require that, upon the NFE’s liquidation or dissolution, all of its assets be distributed to a Governmental Entity or other non-profit organisation, or escheat to the government of the NFE’s jurisdiction of residence or any political subdivision thereof. E. Miscellaneous 1. The term “Account Holder” means the person listed or identified as the holder of a Financial Account by the Financial Institution that maintains the account. A person, other than a Financial Institution, holding a Financial Account for the benefit or account of another person as agent, custodian, nominee, signatory, investment advisor, or intermediary, is not treated as holding the account for purposes of the Common Reporting Standard, and such other person is treated as holding the account. In the case of a Cash Value Insurance Contract or an Annuity Contract, the Account Holder is any person entitled to access the Cash Value or change the beneficiary of the contract. If no person can access the Cash Value or change the beneficiary, the Account Holder is any person named as the owner in the contract and any person with a vested entitlement to payment under the terms of the contract. Upon the maturity of a Cash Value Insurance Contractor an Annuity Contract, each person entitled to receive a payment under the contract is treated as an Account Holder. Mutual Administrative Assistance 2. The term “AML/KYC Procedures” means the customer due diligence procedures of a Reporting Financial Institution pursuant to the anti-money laundering or similar requirements to which such Reporting Financial Institution is subject. 3. The term “Entity” means a legal person or a legal arrangement, such as a corporation, partnership, trust, or foundation. 4. An Entity is a “Related Entity” of another Entity if either Entity controls the other Entity, or the two Entities are under common control. or (iii) the two Entities are Investment Entities described in subparagraph A(6)(b), are under common management, and such management fulfils the due diligence obligations of such Investment Entities. For this purpose control includes direct or indirect ownership of more than 50 % of the vote and value in an Entity. 5. The term “TIN” means Taxpayer Identification Number (or functional equivalent in the absence of a Taxpayer Identification Number). 6. The term “Documentary Evidence” includes any of the following: 7. a certificate of residence issued by an authorised government body (for example, a government or agency thereof, or a municipality) of the jurisdiction in which the payee claims to be a resident. 8. with respect to an individual, any valid identification issued by an authorised government body (for example, a government or agency thereof, or a municipality), that includes the individual’s name and is typically used for identification purposes. Mutual Administrative Assistance 9. with respect to an Entity, any official documentation issued by an authorised government body (for example, a government or agency thereof, or a municipality) that includes the name of the Entity and either the address of its principal office in the jurisdiction in which it claims to be a resident or the jurisdiction in which the Entity was incorporated or organised. 10. any audited financial statement, third-party credit report, bankruptcy filing, or securities regulator’s report. 11. With respect to a Pre-existing Entity Account, Reporting Financial Institutions may use as Documentary Evidence any classification in the Reporting Financial Institution’s records with respect to the Account Holder that was determined based on a standardized industry coding system, that was recorded by the Reporting Financial Institution consistent with its normal business practices for purposes of AML/KYC Procedures or another regulatory purposes (other than for tax purposes) and that was implemented by the Reporting Financial Institution prior to the date used to classify the Financial Account as a Pre- existing Account, provided that the Reporting Financial Institution does not know or does not have reason to know that such classification is incorrect or unreliable. The term“ standardised industry coding system” means a coding system used to classify establishments by business type for purposes other than tax purposes. Section IX: Effective Implementation A. A jurisdiction must have rules and administrative procedures in place to ensure effective implementation of, and compliance with, the reporting and due diligence procedures set out above including: 1. rules to prevent any Financial Institutions, persons or intermediaries from adopting practices intended to circumvent the reporting and due diligence procedures; Mutual Administrative Assistance 2. rules requiring Reporting Financial Institutions to keep records of the steps undertaken and any evidence relied upon for the performance of the above procedures and adequate measures to obtain those records; 3. administrative procedures to verify Reporting Financial Institutions’ compliance with there porting and due diligence procedures; administrative procedures to follow up with a Reporting Financial Institution when undocumented accounts are reported; 4. administrative procedures to ensure that the Entities and accounts defined in domestic lawas Non-Reporting Financial Institutions and Excluded Accounts continue to have a low risk of being used to evade tax; and 5. effective enforcement provisions to address non- compliance Mutual Administrative Assistance SCHEDULE IV 4 of 2020. [section 8B] DECLARATION AND MULTILATERAL COMPETENT AUTHORITY AGREEMENT ON THE EXCHANGE OF COUNTRY-BY-COUNTRY REPORTS Office of the Prime Minister Belmopan, Belize, Central America DECLARATION I, Hon. Dean O. Barrow, Prime Minister and Minister of Finance, on behalf of the Competent Authority of Belize, declare that it hereby agrees to comply with the provisions of the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports hereafter referred to as the “Agreement” By means of the present Declaration, the Competent Authority of Belize is to be considered a signatory of the Agreement as from 20 June 2017. The Agreement will come into effect in respect of the Competent Authority of Belize in accordance with Section 8 thereof. Signed in Belmopan on 20 June, 2017. Mutual Administrative Assistance MULTILATERAL COMPETENT AUTHORITY AGREEMENT ON THE EXCHANGE OF COUNTRY- BY-COUNTRY REPORTS Whereas, the jurisdictions of the signatories to the Multilateral Competent Authority Agreement on the Exchange of Country- by-Country Reports (the “Agreement”) are Parties of, or territories covered by, the Convention on Mutual Administrative Assistance in Tax Matters or the Convention on Mutual Administrative Assistance in Tax Matters as amended by the Protocol (the “Convention”) or have signed or expressed their intention to sign the Convention and acknowledge that the Convention must be in force and in effect in relation to them before the automatic exchange of Country-by-Country (CbC) Reports takes place; Whereas, a country that has signed or expressed its intention to sign the Convention will only become a Jurisdiction as defined in Section 1 of this Agreement once it has become a Party to the Convention; Whereas, the jurisdictions desire to increase international tax transparency and improve access of their respective tax authorities to information regarding the global allocation of the income, the taxes paid, and certain indicators of the location of economic activity among tax jurisdictions in which Multinational Enterprise (MNE) Groups operate through the automatic exchange of annual CbC Reports, with a view to assessing high-level transfer pricing risks and other base erosion and profit shifting related risks, as well as for economic and statistical analysis, where appropriate; Whereas, the laws of the respective Jurisdictions require or are expected to require the Reporting Entity of an MNE Group to annually file a CbC Report; Mutual Administrative Assistance Whereas, the CbC Report is intended to be part of a three-tiered structure, along with a global master file and a local file, which together represent a standardized approach to transfer pricing documentation which will provide tax administrations with relevant and reliable information to perform an efficient and robust transfer pricing risk assessment analysis; Whereas, Chapter III of the Convention authorizes the exchange of information for tax purposes, including the exchange of information on an automatic basis, and allows the competent authorities of the Jurisdictions to agree on the scope and modalities of such automatic exchanges; Whereas, Article 6 of the Convention provides that two or more Parties can mutually agree to exchange information automatically, albeit that the actual exchange of the information will take place on a bilateral basis between the Competent Authorities; Whereas, the Jurisdictions will have, or are expected to have in place by the time the first exchange of CbC Reports takes place– (i) appropriate safeguards to ensure that the information received pursuant to this Agreement remains confidential and is used for the purposes of assessing high level transfer pricing risks and other base erosion and profit shifting related risks, as well as for economic and statistical analysis, where appropriate, in accordance with Section 5 of this Agreement; (ii) the infrastructure for an effective exchange relationship (including established processes for ensuring timely, accurate, and confidential Mutual Administrative Assistance information exchanges, effective and reliable communications, and capabilities to promptly resolve questions and concerns about exchanges or requests for exchanges and to administer the provisions of Section 4 of this Agreement); and (iii) the necessary legislation to require Reporting Entities to file the CbC Report; Whereas the Jurisdictions are committed to discuss with the aim of resolving cases of undesirable economic outcomes, including for individual businesses, in accordance with paragraph 2 of Article 24 of the Convention, as well as paragraph 1 of Section 6 of this Agreement; Whereas mutual agreement procedures, for instance on the basis of a double tax convention concluded between the jurisdictions of the Competent Authorities, remain applicable in cases where the CbC Report has been exchanged on the basis of this Agreement; Whereas, the Competent Authorities of the jurisdictions intend to conclude this Agreement, without prejudice to national legislative procedures (if any), and subject to the confidentiality and other protections provided for in the Convention, including the provisions limiting the use of the information exchanges thereunder; Now, therefore, the Competent Authorities have agreed as follows: Mutual Administrative Assistance SECTION 1 Definitions 1. For the purposes of this Agreement, the following terms have the following meanings: (a) the term “Jurisdiction” means a country or a territory in respect of which the Convention is in force and is in effect, either through ratification, acceptance or approval in accordance with Article 28, or through territorial extension in accordance with Article 29, and which is a signatory to this Agreement; (b) the term “Competent Authority” means, for each respective Jurisdiction, the persons and authorities listed in Annex B of the Convention; (c) the term “Group” means a collection of enterprises related through ownership or control such that it is either required to prepare consolidated financial statements for financial reporting purposes under applicable accounting principles or would be so required if equity interest in any of the enterprises were traded on a public securities exchange; (d) the term “Multinational Enterprise (MNE) Group” means any Group that– (i) includes two or more enterprises the tax residence for which is in different jurisdictions, or includes an enterprise that is resident for tax purposes in one jurisdiction and is subject to tax with Mutual Administrative Assistance respect to the business carried out through a permanent establishment in another jurisdiction, and (ii) is not an Excluded MNE Group; (e) the term “Excluded MNE Group” means a Group that is not required to file a CbC Report on the basis that the annual consolidated group revenue of the Group during the fiscal year immediately preceding the reporting fiscal year, as reflected in its consolidated financial statements for such preceding fiscal year, is below the threshold defined in domestic law by the Jurisdiction and being consistent with the 2015 Report, as may be amended following the 2020 review contemplated therein; (f) the term “Constituent Entity” means– (i) any separate business unit of an MNE Group that is included in the consolidated financial statements for financial reporting purposes, or would be so included if equity interest in such business unit of an MNE Group were traded on a public securities exchange; (ii) any separate business unit that is excluded from the MNE Group’s consolidated financial statements solely on size or materiality grounds, and (iii) any permanent establishment of any separate business unit of the MNE Group included in (i) or (ii) above provided the business unit prepares a Mutual Administrative Assistance separate financial statement for such permanent establishment for financial reporting, regulatory, tax reporting or internal management control purposes; (g) the term “Reporting Entity” means the Constituent Entity that, by virtue of domestic law in its jurisdiction of tax residence, files the CbC Report in its capacity to do so on behalf of the MNE Group; (h) the term “CbC Report” means the country-by- country report to be filed annually by the Reporting Entity in accordance with the laws of its jurisdiction of tax residence and with the information required to be reported under such laws covering the items and reflecting the format set out in the 2015 Report, as may be amended following the 2020 review contemplated therein; (i) the term “2015 Report” means the consolidated report, entitled “Transfer Pricing Documentation and Country-by-Country Reporting, on Action 13 of the OECD/G20 Action Plan on Base Erosion and Profit Shifting; (j) the term “Co-ordinating Body” means the co- ordinating body of the Convention that, pursuant to paragraph 3 of Article 24 of the Convention, is composed of representatives of the competent authorities of the Parties to the Convention; (k) the term “Co-ordinating Body Secretariat” means the OECD Secretariat that provides support to the Co-ordinating Body; Mutual Administrative Assistance (l) the term “Agreement in effect” means, in respect of any two Competent Authorities, that both Competent Authorities have indicated their intention to automatically exchange information with each other and have satisfied the other conditions set out in paragraph 2 of Section 8. A list of Competent Authorities between which this Agreement is in effect is to be published on the OECD Website. 2. As regards to the application of this Agreement at any time by a Competent Authority of a Jurisdiction, any term not otherwise defined in this Agreement will, unless the context otherwise requires or the Competent Authorities agree to a common meaning (as permitted by domestic law), have the meaning that it has at that time under the law of the Jurisdiction applying this Agreement, any meaning under the applicable tax laws of that Jurisdiction prevailing over a meaning given to the term under other laws of that Jurisdiction. SECTION 2 Exchange of Information with Respect to MNE Groups 1. Pursuant to the provisions of Articles 6, 21 and 22 of the Convention, each Competent Authority will annually exchange on an automatic basis the CbC Report received from each Reporting Entity that is resident for tax purposes in its jurisdiction with all such other Competent Authorities of Jurisdictions with respect to which it has this Agreement in effect, and in which, on the basis of the information in the CbC Report, one or more Constituent Entities of the MNE Group of the Reporting Entity are either resident for tax purposes, or are subject to tax with respect to the business carried out through a permanent establishment. Mutual Administrative Assistance 2. Notwithstanding the previous paragraph, the Competent Authorities of the Jurisdictions that have indicated that they are to be listed as nonreciprocal jurisdictions on the basis of their notification pursuant to paragraph 1(b) of Section 8 will send CbC Reports pursuant to paragraph 1, but will not receive CbC Reports under this Agreement. Competent Authorities of Jurisdictions that are not listed as non- reciprocal Jurisdictions will both send and receive the information specified in paragraph 1. Competent Authorities will, however, not send such information to Competent Authorities of the Jurisdictions included in the aforementioned list of nonreciprocal Jurisdictions. SECTION 3 Time and Manner of Exchange of Information 1. For the purposes of the exchange of information in Section 2, the currency of the amounts contained in the CbC Report will be specified. 2. With respect to paragraph 1 of Section 2, a CbC Report is first to be exchanged, with respect to the fiscal year of the MNE Group commencing on or after the date indicated by the Competent Authority in the notification pursuant to paragraph 1(a) of Section 8, as soon as possible and no later than 18 months after the last day of that fiscal year. Notwithstanding the foregoing, a CbC Report is only required to be exchanged, if both Competent Authorities have this Agreement in effect and their respective Jurisdictions have in effect legislation that requires the filing of CbC Reports with respect to the fiscal year to which the CbC Report relates and that is consistent with the scope of exchange provided for in Section 2. 3. Subject to paragraph 2, the CbC Report is to be exchanged as soon as possible and no later than 15 months after the last day Mutual Administrative Assistance of the fiscal year of the MNE Group to which the CbC Report relates. 4. The Competent Authorities will automatically exchange the CbC Reports through a common schema in Extensible Markup Language. 5. The Competent Authorities will work towards and agree on one or more methods for electronic data transmission, including encryption standards, with a view to maximizing standardization and minimizing complexities and costs and will notify the Co-ordinating Body Secretariat of such standardized transmission and encryption methods. SECTION 4 Collaboration on Compliance and Enforcement A Competent Authority will notify the other Competent Authority when the first-mentioned Competent Authority has reason to believe, with respect to a Reporting Entity that is resident for tax purposes in the jurisdiction of the other Competent Authority, that an error may have led to incorrect or incomplete information reporting or that there is non- compliance of a Reporting Entity with respect to its obligation to file a CbC Report. The notified Competent Authority will take appropriate measures available under its domestic law to address the errors or non-compliance described in the notice. SECTION 5 Confidentiality, Data Safeguards and Appropriate Use 1. All information exchanged is subject to the confidentiality rules and other safeguards provided for in the Convention, Mutual Administrative Assistance including the provisions limiting the use of the information exchanged. 2. In addition to the restrictions in paragraph 1, the use of the information will be further limited to the permissible uses described in this paragraph. In particular, information received by means of the CbC Report will be used for assessing high- level transfer pricing, base erosion and profit shifting related risks, and, where appropriate, for economic and statistical analysis. The information will not be used as a substitute for a detailed transfer pricing analysis of individual transactions and prices based on a full functional analysis and a full comparability analysis. It is acknowledged that information in the CbC Report on its own does not constitute conclusive evidence that transfer prices are or are not appropriate and, consequently, transfer pricing adjustments will not be based on the CbC Report. Inappropriate adjustments in contravention of this paragraph made by local tax administrations will be conceded in any competent authority proceedings. Notwithstanding the above, there is no prohibition on using the CbC Report data as a basis for making further enquiries into the MNE Group’s transfer pricing arrangements or into other tax matters in the course of a tax audit and, as a result, appropriate adjustments to the taxable income of a Constituent Entity may be made. 3. To the extent permitted under applicable law, a Competent Authority will notify the Coordinating Body Secretariat immediately of any cases of non-compliance with paragraphs 1 and 2 of this Section, including any remedial actions, as well as any measures taken in respect of noncompliance with the above- mentioned paragraphs. The Co-ordinating Body Secretariat will notify all Competent Authorities with respect to which this is an Agreement in effect with the first-mentioned Competent Authority. Mutual Administrative Assistance SECTION 6 Consultations 1. In case an adjustment of the taxable income of a Constituent Entity, as a result of further enquiries based on the data in the CbC Report, leads to undesirable economic outcomes, including if such cases arise for a specific business, the Competent Authorities of the Jurisdictions in which the affected Constituent Entities are resident shall consult each other and discuss with the aim of resolving the case. 2. If any difficulties in the implementation or interpretation of this Agreement arise, a Competent Authority may request consultations with one or more of the Competent Authorities to develop appropriate measures to ensure that this Agreement is fulfilled. In particular, a Competent Authority shall consult with the other Competent Authority, before the first-mentioned Competent Authority determines that there is a systemic failure to exchange CbC Reports with the other Competent Authority. Where the first mentioned Competent Authority makes such a determination it shall notify the Co-ordinating Body Secretariat which, after having informed the other Competent Authority concerned, will notify all Competent Authorities. To the extent permitted by applicable law, either Competent Authority may, and if it so wishes through the Co-ordinating Body Secretariat, involve other Competent Authorities that have this Agreement in effect with a view to finding an acceptable resolution to the issue. SECTION 7 Amendments This Agreement may be amended by consensus by written agreement of all of the Competent Authorities that have the Agreement in effect. Unless otherwise agreed upon, such an Mutual Administrative Assistance amendment is effective on the first day of the month following the expiration of a period of one month after the date of the last signature of such written agreement. SECTION 8 Term of Agreement 1. A Competent Authority must provide, at the time of signature of this Agreement or as soon as possible thereafter, a notification to the Coordinating Body Secretariat: (a) that its Jurisdiction has the necessary laws in place to require Reporting Entities to file a CbC Report and that its Jurisdiction will require the filing of CbC Reports with respect to fiscal years of Reporting Entities commencing on or after the date set out in the notification; (b) specifying whether the Jurisdiction is to be included in the list of non-reciprocal Jurisdictions; (c) specifying one or more methods for electronic data transmission including encryption; (d) that it has in place the necessary legal framework and infrastructure to ensure the required confidentiality and data safeguards standards in accordance with Article 22 of the Convention and paragraph 1 and Section 5 of this Agreement, as well as the appropriate use of the information in the CbC Reports as described in paragraph 2 of Section 5 of this Agreement, and attaching the completed confidentiality and data safeguard Mutual Administrative Assistance questionnaire attached as Annex to this Agreement, and (e) that includes– (i) a list of the Jurisdictions of the Competent Authorities with respect to which it intends to have this Agreement in effect, following national legislative procedures for entry into force (if any), or (ii) a declaration by the Competent Authority that it intends to have this Agreement in effect with all other Competent Authorities that provide a notification under paragraph 1(e) of Section 8. Competent Authorities must notify the Co-ordinating Body Secretariat, promptly, of any subsequent change to be made to any of the above- mentioned content of the notification. 2. This Agreement will come into effect between two Competent Authorities on the later of the following dates– (i) the date on which the second of the two Competent Authorities has provided notification to the Co-ordinating Body Secretariat under paragraph 1 that includes the other Competent Authority’s Jurisdiction pursuant to subparagraph 1(e), and (ii) the date on which the Convention has entered into force and is in effect for both Jurisdictions. Mutual Administrative Assistance 3. The Co-ordinating Body Secretariat will maintain a list that will be published on the OECD website of the Competent Authorities that have signed the Agreement and between which Competent Authorities this is an Agreement in effect. In addition, the Co-ordinating Body Secretariat will publish the information provided by Competent Authorities pursuant to subparagraphs 1(a) and (b) on the OECD website. 4. The information provided pursuant to subparagraphs 1(c) through (e) will be made available to other signatories upon request in writing to the Coordinating Body Secretariat. 5. A Competent Authority may temporarily suspend the exchange of information under this Agreement by giving notice in writing to another Competent Authority that it has determined that there is or has been significant non-compliance by the second-mentioned Competent Authority with this Agreement. Before making such a determination, the first-mentioned Competent Authority shall consult with the other Competent Authority. For the purposes of this paragraph, significant noncompliance means non-compliance with paragraphs 1 and 2 of Section 5 and paragraph 1 of Section 6 of this Agreement and/or the corresponding provisions of the Convention, as well as a failure by the Competent Authority to provide timely or adequate information as required under this Agreement. A suspension will have immediate effect and will last until the second-mentioned Competent Authority establishes in a manner acceptable to both Competent Authorities that there has been no significant non-compliance or that the second-mentioned Competent Authority has adopted relevant measures that address the significant non-compliance. To the extent permitted by applicable law, either Competent Authority may, and if it so wishes through the Co-ordinating Body Secretariat, involve other Competent Authorities that have this Agreement in effect with a view to finding an acceptable resolution to the issue. Mutual Administrative Assistance 6. A Competent Authority may terminate its participation in this Agreement, or with respect to a particular Competent Authority, by giving notice of termination in writing to the Co-ordinating Body Secretariat. Such termination will become effective on the first day of the month following the expiration of a period of 12 months after the date of the notice of termination. In the event of termination, all information previously received under this Agreement will remain confidential and subject to the terms of the Convention. SECTION 9 Co-ordinating Body Secretariat Unless otherwise provided for in the Agreement, the Co- ordinating Body Secretariat will notify all Competent Authorities of any notifications that it has received under this Agreement and will provide a notice to all signatories of the Agreement when a new Competent Authority signs the Agreement. Done in English and French, both texts being equally authentic.”.