Examples of Swiss Financial Institution in a sentence
In general, where a Financial Institution is resident for tax purposes in a Member State, Switzerland or another Participating Jurisdiction, it is subject to the jurisdiction of such Member State, Switzerland or another Participating Jurisdiction and it is, thus, a Member State Financial Institution, Swiss Financial Institution or another Participating Jurisdiction Financial Institution.
The U.S. Competent Authority shall notify the Swiss Competent Authority when the U.S. Competent Authority has determined that there is significant non-compliance with the requirements of an FFI Agreement or this Agreement with respect to a Reporting Swiss Financial Institution.
If the non-compliance is not resolved within a period of 12 months after notification of significant non-compliance is first provided by the U.S. Competent Authority, the United States shall treat the Reporting Swiss Financial Institution as a Nonparticipating Financial Institution pursuant to this paragraph.
Subject to the provisions of paragraph 2 of Article 11 of this Agreement, each Reporting Swiss Financial Institution that registers with the IRS and complies with the terms of an FFI Agreement shall be treated as complying with the requirements of, and as not subject to withholding under, section 1471 of the U.S. Internal Revenue Code.
The term “Reporting Financial Institution” means any Member State Financial Institution or Swiss Financial Institution, as the context requires, that is not a Non- Reporting Financial Institution.
For purposes of determining the aggregate balance or value of accounts held by a person to determine whether an account is a High Value Account, a Reporting Swiss Financial Institution shall also be required, in the case of any 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.
The term “Reporting Financial Institution” means any Member State Financial Institution or Swiss Financial Institution, as the context requires, that is not a Non-Reporting Financial Institution.
For purposes of determining the balance or value of accounts denominated in a currency other than the U.S. dollar, a Reporting Swiss Financial Institution must convert the dollar threshold amounts described in this Annex I into such currency using a published spot rate determined as of the last day of the calendar year preceding the year in which the Reporting Swiss Financial Institution is determining the balance or value.
For purposes of determining the aggregate balance or value of accounts held by an individual, a Reporting Swiss Financial Institution shall be required to aggregate all accounts maintained by the Reporting Swiss Financial Institution, or Related Entities, but only to the extent that the Reporting Swiss Financial Institution’s computerized systems link the accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances to be aggregated.
A Reporting Swiss Financial Institution may not rely on a self-certification or documentary evidence if the Reporting Swiss Financial Institution knows or has reason to know that the self-certification or documentary evidence is incorrect or unreliable.