Americas
FATCA/CRS
Americas
US IRS eases FATCA compliance
The US IRS on January 19 announced in Notice 2016-08 that it will amend existing regulations under sections 1441–1464 and 1471–1474 regarding the timing of submitting preexisting . . .
Americas
Americas
US agrees to FATCA exception for Swiss accounts held by lawyers, notaries for clients
The US and Switzerland have agreed that Swiss bank account owner identities can remain confidential for purposes of the Foreign Account Tax Compliance Act (FATCA) in some instances where the account is held . . .
Asia-Pacific
Switzerland and South Korea agree to establish automatic exchange of information
Switzerland and South Korea have agreed to work toward implementing automatic exchange of information (AEOI) in tax matters on a reciprocal basis in accordance with the OECD common . . .
Asia-Pacific
Hong Kong law on automatic exchange of tax information goes into effect
Hong Kong’s Inland Revenue Department announced September 9 that tax legislation that provides for automatic exchange of financial account information (AEOI) entered into effect . . .
Americas
US FATCA IGAs with Panama, Georgia enter into force; IGA with Antigua and Barbuda signed
The US Treasury Department today updated its FATCA website, reporting that Model 1 intergovernmental agreements (IGAs) entered . . .
Americas
Americas
FATCA/CRS
OECD updates tax guidance on common reporting standard, CRS XML schema
The OECD has issued new tax guidance on the common reporting standard, including the CRS XML schema, writes Davide Anghileri of the University of Lausanne . . .
Americas
US, St. Lucia FATCA IGA enters into force
The US Treasury Department has today updated its FATCA website, reporting that a Model 1 FATCA intergovernmental . . .
Europe
Ireland updates FATCA guidance
Irish Tax and Customs on March 21 released Frequently Asked Questions (FAQs) on FATCA . . .
Africa
US, Algeria FATCA agreement enters into force
The US Treasury Department has updated its FATCA website, reporting that a FATCA IGA signed by the US and Algeria entered . . .
Americas
Greece, US sign FATCA agreement
The US Treasury Department updated its FATCA website January 24, reporting that Greece has signed a Model 1 intergovernmental agreement (IGA) and an understanding . . .
FATCA/CRS
Americas
Macao and US sign Model 2 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Macao and the US have signed a Model 2 intergovernmental . . .
Asia-Pacific
Kuwait signs tax transparency agreement
The OECD has announced that Kuwait has signed the CRS Multilateral Competent Authority Agreement, a step required to put into place automatic exchange of financial account information with . . .
Americas
US and Vietnam sign Model 1 FATCA IGA, agreement not treated as “in effect”
The US Treasury Department updated its FATCA website on April 19, reporting that Vietnam has signed a Model 1 intergovernmental agreement (IGA) with the. . .
Americas
Americas
Ukraine, US sign Model 1 FATCA agreement
Ukraine and the US have signed a Model 1 FATCA intergovernmental agreement (IGA) according to an . . .
Europe
Switzerland ratifies multilateral agreement on tax transparency
Switzerland has deposited the instruments of ratification for the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, furthering its effort to promote of tax transparency and combat tax evasion. writes Davide Anghileri, PhD researcher and lecturer at the University of Lausanne . . .
Europe
Greenland is 78th signatory of Multilateral Competent Authority Agreement
Greenland signed the Multilateral Competent Authority Agreement, on December 17, becoming the . . .
FATCA/CRS
US posts two new FATCA FAQs
The US has posted new frequently asked questions (FAQs) to its FATCA website regarding registration for nonreporting financial institutions in Model 1 IGA jurisdictions and self-certifications on similarly agreed forms . . .
Americas
Americas
US and Philippines sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that the Philippines has signed a Model 1 intergovernmental agreement (IGA) with the United States as of July 13. . .
Asia-Pacific
US and Uzbekistan sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Uzbekistan has signed a Model 1 intergovernmental agreement (IGA) with the United States as of April 3. The text of the agreement is available. See, Model 1 IGA.
Americas
US and Croatia sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Croatia has signed a Model 1 intergovernmental agreement (IGA) with the United States as of March 20. The text of the agreement is available. See: Model 1 IGA
Americas
US IRS updates FATCA IDES user guide, releases ICMM report notifications guides
The US IRS, on March 5, announced it has updated the FATCA international data exchange service (IDES) user guide to add user . . .
Americas
US IRS gives countries with “in substance” FATCA IGAs more time to sign IGAs, adds more countries to the “in substance” list
The US IRS on December 1 released an advance copy of guidance that provides that countries that have reached FATCA intergovernmental agreements (IGAs) “in substance” that do not sign an IGA by December 31 will continue to be treated as if an IGA was in effect as long as the country displays a “firm resolve” to sign an IGA as soon as possible. The new guidance . . .
Americas
Americas
US signs first competent authority arrangements to implement FATCA IGAs with Australia and UK
The US IRS announced November 24 that it has signed competent authority arrangements (CCAs) with Australia and the UK to establish . . .
Americas
IRS updates FATCA Withholding Foreign Partnership and Withholding Foreign Trust agreements
The U.S. IRS, on August 8, released Rev.Proc. 2014-47, which updates the Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) agreements for foreign partnerships and trusts that seek to enter into a WP or WT withholding agreement with the IRS under reg. section 1.1441-5(c)(2)(ii) and (e)(5)(iv). The new agreements replace agreements found in Rev. Proc. 2003-64, 2003-2 C.B. 306. Rev. Proc. 2014-47
Americas
US and Czech Republic sign Model 1 FATCA IGA
US Treasury Department has updated its FATCA website, reporting that the Czech Republic has signed a Model 1 intergovernmental agreement (IGA) with the United States as of August 4. Agreement
Europe
US signs Model 1 FATCA IGA with Slovak Republic
The US Treasury Department has updated its FATCA website, reporting that the Slovak Republic has signed a Model 1 intergovernmental agreement (IGA) with the US as . . .
Americas
US IRS announces that it will “not ordinarily” issue private rulings on FATCA issues, updates procedures to obtain rulings
The US IRS has released its annual “no rule” list, adding FATCA issues to the list of issues that the agency will “not ordinarily” address in private letter rulings or determination letters. . .
Europe
US and Poland sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Poland has signed a Model 1 intergovernmental agreement (IGA) with the United States as of October 7. Agreement
Andorra
EU agrees to automatically exchange of tax information with Liechtenstein
The EU and Liechtenstein on October 28 agreed to automatically exchange tax information on the financial accounts of each other’s residents beginning . . .
Americas
IRS releases updated qualified intermediary agreement
The IRS has released Rev. Proc. 2014-39, which includes an updated qualified intermediary (QI) agreement. The revenue procedure supersedes the QI agreement originally released as Rev. Proc. 2000-12. Rev Proc. 2014-39 also outlines the application procedures and the requirements for qualified intermediary status under Chapters 3, 4, and 61 and Section 3406. Rev. Proc. 2014-39
Americas
US updates FATCA foreign financial institution agreement
The US IRS, on June 24, released Rev. Proc. 2014-38, which includes a revised foreign financial institutions (FFI) agreement for FFIs that wish to enter into an agreement with the IRS to be treated as a participating FFI under the Foreign Account Tax Compliance Act (FATCA)
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