Mutual Commitment to Continue to Enhance the Effectiveness of Information Exchange and Transparency
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- Reciprocity. The Government of the United States acknowledges the need to achieve equivalent levels of reciprocal automatic information exchange with Curaçao. The Government of the United States is committed to further improve transparency and enhance the exchange relationship with Curaçao by pursuing the adoption of regulations and advocating and supporting relevant legislation to achieve such equivalent levels of reciprocal automatic information exchange.
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- Treatment of Passthru Payments and Gross Proceeds. The Parties are committed to work together, along with Partner Jurisdictions, to develop a practical and effective alternative approach to achieve the policy objectives of foreign passthru payment and gross proceeds withholding that minimizes burden.
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- Documentation of Accounts Maintained as of June 30, 2014. With respect to Reportable Accounts maintained by a Reporting Financial Institution as of June 30, 2014:
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- a)The United States commits to establish, by January 1, 2017, for reporting with respect to 2017 and subsequent years, rules requiring Reporting U.S. Financial Institutions to obtain and report the Curaçao TIN of each Account Holder of a Curaçao Reportable Account as required pursuant to subparagraph 2(b)(1) of Article 2 of this Agreement; and
- b)Curaçao commits to establish, by January 1, 2017, for reporting with respect to 2017 and subsequent years, rules requiring Reporting Curaçao Financial Institutions to obtain the U.S. TIN of each Specified U.S. Person as required pursuant to subparagraph 2(a)(1) of Article 2 of this Agreement.