PwC comments on the draft ‘FFI agreement’ and related guidance
Notice 2013-69 (the Notice) was released on October 29, 2013 by the Internal Revenue Service (IRS) and covers: Guidance to FFIs and branches of FFIs; Guidance for stakeholders, but it also contains some surprising twists; A draft version of the FFI agreement and describes an FFI’s general responsibilities; Miscellaneous guidance such as the application of
FATCA FFI Agreement Released
The IRS released today Notice 2013-69, providing guidance for foreign financial institutions (FFIs) entering into an FFI agreement with the IRS to be treated as a participating FFI or Reporting Model 2 FFI under the provisions commonly referred to as FATCA. This notice includes a draft copy of the FFI agreement, which will be finalized
The latest developments on the country by country reporting requirements in Capital Requirements Directive IV
This Newsflash summarises the developments from the past 3 months and our current understanding of the issues and uncertainties created by Article 89. Recent developments It is now confirmed that HM Treasury (‘HMT’) will be the body responsible for transposing Article 89 into UK domestic legislation rather than the Prudential Regulatory Authority. With an implementation
The latest Italian FTT guidance – clarity at last? Don’t hold your breath…
Global FS Tax Newsflash 26 August 2°13. The Italian Financial Transaction Tax (“FTT, has now been in force since 1 March 2013. The regime comprises three taxes; a tax on equities, a tax on derivatives and a tax on high frequency trading. Following the introduction of the tax, market participants have been seeking further clarity
EU automatic exchange of information
The Feasibility Study on a simplified Relief at Source System: Purpose and Context PwC has been appointed in 2011 to carry out a feasibility study on a simplified relief at source system, implementing the principles of the European Commission’s FISCO Recommendation (C(2009)7924 of 19 October 2009). The FISCO Recommendation suggests to the Member States (MSs)
IRS opens FATCA online registration system to provide a beneficial user testing period
In brief The Internal Revenue Service (IRS) announced the opening of the Foreign Account Tax Compliance Act(FATCA) registration systemon August 19, 2013.The registration system will enable financial institutions (FIs) to register and obtain a global intermediary identification number (GIIN). FIs are requested to submit the required information online as final on or after January 1,
US government announces six-month extension to FATCA effective dates
The Internal Revenue Service (IRS) and the US Department of the Treasury (Treasury) issued Notice 2013-43 (Notice) last Friday announcing revised timelines for implementing various provisions under the Foreign Account Tax Compliance Act (FATCA). The Notice also provides additional guidance concerning financial institutions in jurisdictions that have signed an intergovernmental agreement (IGA) but have not yet enacted
New budget measures: Bill of 8 July 2013
Tax treatment of Belgian regulated investment companies The tax regime of Belgian regulated investment companies would be amended: The withholding tax levied on Belgian source dividends paid to Belgian regulated investment companies would, as a rule, constitute the final tax in their hands (no credit/refund would be possible anymore). However, by dispensation to this general
