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
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
UK Releases Details Outlining Implementation of FATCA
On 31 May 2013, HM Treasury and HMRC released the International Tax Compliance (United States of America) Regulations 2013 (“UK Regulations”) to implement the Agreement to Improve International Tax Compliance and to Implement FATCA and simultaneously released updated Guidance Notes. The UK Regulations and Guidance Notes provide more clarity in respect of the legislation “Draft
BMF announces the release of the German Intergovernmental Agreement for implementing FATCA
On Friday, 31 May 2013, the German Ministry of Finance, Bundesfinanzministerium (BMF), announced the release of the FATCA Intergovernmental Agreement between the Federal Republic of Germany and the United States (German-U.S. IGA) for implementing the broad ranging provisions of the Foreign Account Tax Compliance Act (“FATCA”). The BMF had issued a news release on 21
IRS releases draft FATCA registration forms and additional information on FFI lists
The Internal Revenue Service (IRS) released draft Form 8957, Foreign Account Tax Compliance Act (FATCA) Registration, for public review and comment on 5 April 2013. No accompanying instructions were included. Form 8957, when issued in final form, may be used by foreign financial institutions (FFIs) to register for FATCA purposes. In the IRS release of
TRACE Implementation Package announced by the OECD
After years of technical discussions, the Committee on Fiscal Affairs of the OECD approved the TRACE Implementation Package (“TRACE”) at its meeting of 23 January and presented it at the OECD conference on TRACE/FATCA in Paris on 12 February 2013. TRACE, which stands for “Treaty Relief and Compliance Enhancement”, is a regime to allow for
