U.S. reportable account classification updated to specify local financial institution categories and modify explanatory reference. The notification amends rule 114F(5) to substitute three clauses classifying as relevant for any U.S. reportable account: a financial institution with a local client base; a local bank; and a financial institution with only low value accounts. It also revises the Explanation in clause (D) to replace a generic reference to a foreign government with an explicit reference to the United States of America regarding benefits on income from sources within that jurisdiction.
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Provisions expressly mentioned in the judgment/order text.
U.S. reportable account classification updated to specify local financial institution categories and modify explanatory reference.
The notification amends rule 114F(5) to substitute three clauses classifying as relevant for any U.S. reportable account: a financial institution with a local client base; a local bank; and a financial institution with only low value accounts. It also revises the Explanation in clause (D) to replace a generic reference to a foreign government with an explicit reference to the United States of America regarding benefits on income from sources within that jurisdiction.
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