Recent FATCA developments from the IRS & US Treasury
The following are recent FATCA developments from the IRS and US Treasury. 1. IRS begins issuing GIINs FFIs have reported that their accounts have been updated to include the Global Intermediary Identification Number (GIIN) assigned by the IRS. The notification that a GIIN has been assigned is an email from the address fatca-donot-reply@irs.gov to log into
Update on FATCA-related IRS forms
Please find below the status of FATCA-related forms and instructions. Links are included when available. The list will be updated and recirculated as additional forms are released by the IRS. Form w/ link Title Status 2014 Form 1042 Instructions Annual Withholding Tax Return for U.S. Source income of Foreign Persons Final 2014-03-04 2014 Form 1042-S
FATCA, four months to go!
In brief The US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released on 20 February 2014 two sets of final and temporary regulations. The first set contains changes to the provisions of Chapter 4 of the Internal Revenue Code (Code) commonly referred to as the Foreign Account Tax Compliance Act (FATCA
US Treasury and IRS release updates to FATCA regulations
The US Treasury and the IRS released on 20 February two key updates to FATCA and related regulations: Final and temporary regulations for FATCA Coordinating regulations for Chapters 3, 4 and 61 These regulations are lengthy (over 550 pages) and contain numerous changes that will likely impact how FATCA is implemented by foreign financial institutions
EU FTT: time for the EU-11 to “compromise” and “deliver”?
All eyes were on Wednesday 19 February Franco-German meeting to see if it would provide a catalyst for the EU Financial Transaction Tax (EU FTT). The German and French leaders publicly restated their commitment to lead the way on EU FTT and also offered a self-imposed, concrete timeline for a compromise proposal by May this year.
France introducing new transfer pricing provisions in the 2014 Finance Law
The 2014 Finance Law was adopted by the French Parliament on 19 December 2013 and was published in the French Official Journal on 30 December 2013. Background One of the core objectives of the 2014 Finance Law is to achieve structural balance with regards to public finances and to reinforce the fight against fraud and
New Global Standard for Automatic Exchange of Tax Information
In response to a mandate from G20 leaders aimed at reinforcing action against tax avoidance and evasion as well as introduce even greater trust and transparency into the international tax system, the OECD has unveiled today a new single global standard for the automatic exchange of information between tax authorities worldwide. Developed by the OECD
Foreign Tax Credit (QFIE/FBB) System not Compliant to Belgian Constitution
Decision The Court examines two aspects of the legislation, (1) the possible refund of FTC in case of insufficient taxable profits and (2) the gross-up of the FTC to the corporate tax base (link to decision FR/ NL). 1. Excess FTC (article 285 and 292 ITC) Under domestic law, a foreign tax credit excess may
