FATCA Intergovernmental Agreement between Belgium and US will be signed on 23 April
On 12 April 2014, the Minister of Finance Koen Geens has announced the imminent signing of the agreement between the United States and Belgium regarding the mutual exchange of financial information and the implementation of FATCA (Foreign Account Tax Compliance Act). The technical negotiations have been concluded and the agreement is finalised. The Minister of
The IRS announced yesterday that it will treat 19 countries as having IGAs in effect.
On 2 April 2014, the US Treasury Department (Treasury) and the Internal Revenue Service (IRS) announced that jurisdictions that have reached agreements in substance with the United States on the terms of intergovernmental agreements (IGAs) under the Foreign Account Tax Compliance Act (FATCA) can be treated as having agreements in effect until the end of
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
Soon to be released ‘Common Reporting Standard’ promises new FATCA-type obligations around the world
The starting date for various obligations under the Foreign Account Tax Compliance Act (FATCA) is 1 July 2014. Some associate this date with a long and weary process that started back in 2010 with the passage of the United States HIRE Act, but it also marks a milestone in the ever increasing movement towards greater
FATCA – Final Regulations
On 17 January 2013, the US Department of the Treasury and Internal Revenue Service (IRS) issued final comprehensive regulations implementing the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). The final regulations provide additional clarity for financial institutions and governments by finalising the processes for US account
France and the US sign bilateral agreement on the implementation of FATCA
FATCA milestone reached after signing of tenth IGA with France On 14 November 2013, French Minister of Economy and Finance Pierre Moscovici and US Ambassador to France Charles H. Rivkin signed a bilateral Intergovernmental Agreement (IGA) intended to implement the Foreign Account Tax Compliance Act (FATCA). FATCA was enacted by the US in 2010 to
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
