US Senate Finance Committee Chairman Orrin Hatch (R-Utah) in a July 16 letter requested that the US Government Accountability Office (GAO) conduct an analysis of the impact of the OECD/G20 base erosion profit shifting project (BEPS) on American . . .
G7 leaders, in a joint declaration issued June 8, made a “commitment to establish binding mandatory arbitration to ensure that the risk of double taxation does not act as a barrier to cross-border trade and investment.” The leaders also said they support work being done on binding arbitration as part of the OECD/G20 base erosion profit shifting (BEPS) project, and encouraged others . . .
UPDATE (6/9/2015): Christian Aid sounds alarm over G7 plan for mandatory tax arbitration: Christian Aid, on June 9, called the G7 leaders’ expression of support for compulsory binding arbitration in multinational tax disputes “deeply troubling,” stating . . .
The UK’s HM Revenue and Customs on May 21 issued guidance on the treatment of holding companies and treasury companies under FATCA, the multilateral competent authority agreement implementing the common reporting standard, and the . . .
The United Arab Emirates will complete and sign a Model 1 FATCA IGA this month and will send the agreement electronically to the US IRS in September 2015, UAE HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance told reporters February 15. The UAE had reached an agreement . . .
Singapore and the US on December 9 signed a FATCA Model 1 Intergovernmental Agreement (IGA), following the initialing of the agreement May 5, the Inland Revenue Authority of Singapore has announced. The IGA is designed to simplify FATCA information reporting for Singapore financial institutions. See, Singapore release.
The US IRS on October 15 posted a “recent development” to the TY2014 Instructions for Form 1042-S, as follows:
“The 2014 Form 1042-S posted to IRS.gov on 04/02/2014 supersedes the 2014 Form 1042-S posted to IRS.gov on 03/12/2014. We are re-posting this form to correct the formatting of the recipient’s address in order to facilitate the mailing of this form to taxpayers.” See, FATCA website.
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