AI Summary of 898B. Interpretation (Chapter 3A).
This Chapter establishes definitions and provisions relevant to tax and residency, detailing terms such as 'arrangements', 'beneficial owner', and 'competent authority', among others. Each term is precisely linked to specific sections, enhancing clarity for compliance obligations.
The Chapter emphasises the importance of residency, stipulating that an individual's tax residency is typically where they hold a permanent address. However, exceptions pertain to the issuance of tax residence certificates and certain residency determinations, which reflect the intricate relationship between national laws and international directives.
898B. Interpretation (Chapter 3A).
(1) In this Chapter and in any regulations made under this Chapter, except where the context otherwise requires -
"arrangements" has the meaning assigned to it by section 898P;
"beneficial owner" has the meaning assigned to it by section 898C(1);
"building society" and "credit union" have the same meanings, respectively, as in section 256;
"certificate of residence for tax purposes" in relation to a third country, means a certificate given by the competent authority of that country certifying that an individual is by virtue of the law of that country resident for the purposes of tax in that country, and references to a tax residence certificate shall be construed accordingly;