Examples of AEOI in a sentence
Therefore, Clients shall provide to Suntek, Suntek Group, their agents or service providers, upon request, any documentation or other information regarding the Client and its beneficial owners that Suntek, Suntek Group, their agents or service providers may require from time to time in connection with their obligations under, and compliance with, applicable laws and regulations including, but not limited to, AEOI.
To the extent permitted by law, Client hereby waives any provision of any data protection, privacy, banking secrecy or other law or regulation of any jurisdiction and/or the terms of any confidentiality agreement, arrangement or understanding that would otherwise prevent compliance by Suntek, Suntek Group and their agents and service providers with AEOI and/or other applicable law.
The Client hereby agrees and consents that Suntek, Suntek Group and their agents and service providers may collect, store and process information obtained from the Client or otherwise in connection with this Agreement and/or the Client’s transactions for the purposes of complying with AEOI and/or other applicable law, including disclosures between Suntek and any of them and to the governmental authorities of the United States of America, Hong Kong, PRC and/or other jurisdictions.
Under the standard of AEOI, financial institutions liked Suntek are required to identify financial accounts held by tax residents of reportable jurisdictions or held by passive non-financial entities whose controlling persons are tax residents of reportable jurisdiction in accordance with due diligence procedures.
If Suntek is required pursuant to AEOI or otherwise by law to withhold or deduct any AEOI withholding taxes (including any penalties or interest payable in connection with any failure to pay or any delay in paying any such taxes) on any payments to the Client, Suntek may deduct such taxes and Suntek will not be required to increase any payment in respect of which Suntek makes such withholding.