irs brass says no more fatca delays
A top official of the US Internal Revenue Service has told a New York audience of lawyers and tax experts that the Foreign Account Tax Compliance Act will not be postponed again‚ a US law journal has reported.
A top official of the US Internal Revenue Service has told a New York audience of lawyers and tax experts that the Foreign Account Tax Compliance Act will not be postponed again‚ a US law journal has reported.
Jersey, Guernsey and the Isle of Man have today all signed intergovernmental agreements (IGAs) with the US to implement the latter’s controversial Foreign Account Tax Compliance Act.
A US congressman has highlighted a potential problem in the complex arrangements under which financial institutions in foreign countries are being persuaded to provide financial information to the American tax authorities, to comply with FATCA.
The majority of asset managers polled in a recent survey have admitted they are still unclear about the requirements of the Foreign Accounts Tax Compliance Act (FATCA) despite the cut off period for compliance now less than six months away.
The UK government today announced it is to develop and pilot a new “multilateral tax information exchange agreement” with four of its largest fellow EU members.
Colin Camp explains the implications of Foreign Financial Institutions not signing an agreement over FATCA with the IRS by the end of this year even though the final regulations have left plenty of uncertainty.
The US Treasury and Internal Revenue Service last night issued the final regulations detailing how the Foreign Account Tax Compliance Act is to be implemented, ending weeks of speculation.
On 24 Oct, the US Internal Revenue Service (IRS), announced that implementation of the US Foreign Account Tax Compliance Act (Fatca) has been delayed by 12 months until 2014. Although welcomed by the industry, wealth managers should not take their foot off the gas when it comes to compliance.
The Chartered Institute for Securities & Investment (CISI) has accused the US of “behaving like a bully” in imposing unfair costs on UK investment managers through the implementation of Fatca.
America's tax authorities have delayed the starting dates of key parts of Fatca for non-US financial institutions in countries not covered by an intergovernmental agreement with the US. Crucially, this does not include the UK.
UK registered pension schemes and tax-advantaged ISA savings products will be exempted from the new Fatca reporting requirements following a significant agreement signed by the US and the UK.
RDR may be the main topic of regulatory conversation but don’t forget Kiids (which started yesterday)…and all the football scores such as Mifid II:Ucits IV…and then there’s FATCA from the US…and AIFMD…and…