FATCA four countries that stood up to

International Adviser takes a look at four countries that refused to take US information sharing agreements lying down through their use of intergovernmental agreements.

FATCA four countries that stood up to

|

Despite the act generating a similar level of controversy to the very tax avoidance it intends to neutralise, all foreign financial institutions (FFIs) will now have to disclose US related information about new and existing clients to the US Internal Revenue Service (IRS), or risk facing a 30% withholding tax.

In preparation for the act, which was passed by Barack Obama in 2010, many countries have signed intergovernmental agreements (IGAs) with the IRS, which offer relaxed deadlines and an increased clarity and simplicity around due diligence with country specific exemptions.

Click here to see four countries that stood up to US demands by using IGAs to implement FATCA on their own terms.
 

MORE ARTICLES ON