Avamprogetto (Accordo en)

payments to a Financial Account, including a Cash Value Insurance Contract and an Annuity Contract, shall be borne by the Account Holder.

Article 8 Treatment of Certain Passthru Payments and Gross Proceeds

The Parties are committed to work together, along with other partners, to develop a practical and effective alternative approach to achieve the policy objectives of foreign passthru payment and gross proceeds withholding that minimizes burden.

Article 9 Treatment of Swiss Retirement Plans and Identification of Other Deemed Compliant FFIs, Exempt Beneficial Owners and Excepted FFIs

1. The United States will treat as exempt beneficial owners, deemed-compliant FFIs, or exempt products for purposes of Section 1471 of the U.S. Internal Revenue Code retirement plans established in and regulated by or located in Switzerland and identified in Annex II. For this purpose, a retirement plan includes an entity established or located in and regulated by Switzerland, or a predetermined contractual or legal arrangement operated to provide pension or retirement benefits or earn income for providing such benefits under the laws of Switzerland and regulated with respect to contributions, distributions, reporting, sponsorship, and taxation.

2. The United States shall treat each other Non-Reporting Swiss Financial Institution as a deemed-compliant FFI, as an exempt beneficial owner or as an excepted FFI, as appropriate, for purposes of section 1471 of the U.S. Internal Revenue Code.

Article 10 Special Rules Regarding Related Entities and Branches

If a Swiss Financial Institution that otherwise meets the requirements described in Article 6 or 9 of this Agreement has a Related Entity or branch that operates in a jurisdiction that prevents such Related Entity or branch from fulfilling the requirements of a participating FFI or

deemed-compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code, such Swiss Financial Institution shall continue to be treated as a participating FFI, deemed-

compliant FFI, or exempt beneficial owner, as appropriate for purposes of section 1471 of the U.S. Internal Revenue Code, provided that:

a) The Swiss Financial Institution treats each such Related Entity or branch as a separate Nonparticipating Financial Institution and each such branch or Related Entity identifies itself to withholding agents as a Nonparticipating Financial Institution;

b) Each such Related Entity or branch identifies its U.S. accounts and reports to the IRS the information with respect to those accounts as required under section 1471 of the U.S. Internal Revenue Code to the extent permitted under the relevant laws pertaining to the Related Entity or branch; and