Americas
US and San-Marino sign FATCA Model 2 IGA
The US Treasury Department has updated its FATCA website, reporting that San Marino and the US signed a Model 2 intergovernmental . . .
FATCA/CRS
Americas
Asia-Pacific
China and Monaco sign agreement to prepare for automatic exchange of information
China and Monaco have signed the multilateral competent authority agreement, moving the countries one step closer to adopting automatic exchange of financial account information for tax purposes . . .
Belarus
US and Belarus sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Belarus has signed a Model 1 intergovernmental agreement (IGA) with the United States as of March 18. The text of the agreement is available. See: Model 1 IGA
Americas
US IRS FATCA guidance grants more time for QI, WP, and WT joint account option
The US IRS on December 30 announced, via a notice sent through its FATCA News and Information update service, that qualified intermediaries (QI), withholding foreign partnerships (WP), and withholding foreign trusts (WT) will be granted an extension of time to apply requirements of the joint account option under the QI agreement, WP agreement, or WT agreement. . .
Europe
US and Lithuania sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Lithuania has signed a Model 1 intergovernmental agreement (IGA) with the United States as of August 26. Agreement
FATCA/CRS
US FATCA guidance explains registration procedure for trustees of trustee-documented trusts
The US IRS, on May 13, posted a new frequently asked question (FAQ) and answers to the FATCA website explaining the procedure trustees should use to register trustee-documented trusts. FAQ
Europe
Ireland extends FATCA filing deadline
Irish Revenue on June 25 announced that, in response to industry request, it has extended the FATCA filing deadline for financial . . .
Africa
Mauritius releases FATCA guidance
The Mauritius Revenue Authority on March 19 released on guidance notes for implementing FATCA. See, Guidance Notes.
Americas
US signs Model 1 FATCA IGA with South Korea
The US Treasury Department has updated its FATCA website, reporting that South Korea has signed a Model 1 intergovernmental agreement (IGA) with the US as of June 10. The text of the agreement is available. See, FATCA IGA – South Korea.
Europe
UK releases FATCA registration guidelines
The UK’s HMRC released guidelines February 24 on how to register for the Foreign Account Tax Compliance Act (FATCA) using HM Revenue and Customs online . . .
Asia-Pacific
Singapore MOF responds to consultation on income tax amendments
Singapore’s Ministry of Finance (MOF) on Sept. 24 released its response to pubic consultations on the draft Income Tax (Amendment) Bill 2014. The MOF said it would adopt 32 stakeholder suggestions, including widening the scope of the draft law’s antiavoidance provisions applicable to FATCA reporting obligations and changing aspects of the productivity and innovation credit scheme. See, release, annex.
Americas
IRS updates FATCA FAQs on preexisting obligation election for flow-through entities or intermediaries
A new frequently asked question (FAQ) has been posted to FATCA website in the “General Compliance” category, as follows . . .
Asia-Pacific
Africa
US and Algeria sign FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Algeria and the US signed a Model 1 intergovernmental . . .
Asia-Pacific
Hong Kong to change legislative proposal on automatic exchange of tax information
The Hong Kong government on October 12 announced that, in response to its public consultation, it will make changes to a legislative proposal to implement the new international standard on automatic exchange of . . .
Europe
Guernsey and Korea sign TIEA
The government of Guernsey has announced that it signed a tax information . . .
Americas
US IRS updates technical FATCA FAQs on data format and structure
Two new FATCA IDES frequently asked questions (FAQs) were posted to the US IRS’s website on September 9 in the “Data Format and Structure” category concerning how to amend a FATCA report and void. . .
Americas
US signs Model 1 FATCA IGA with St. Vincent and the Grenadines
The US Treasury Department has updated its FATCA website, reporting that St. Vincent and the Grenadines has signed a Model 1 intergovernmental agreement (IGA) with . . .
Africa
South Africa publishes guide to implement FATCA
The South African Government, on December 17, released on its website a draft guide for financial institutions. The guide deals with issues arising from an intergovernmental agreement signed by South Africa and United States under FATCA. See, Guide.
Americas
US and Israel sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Israel has signed a Model 1 intergovernmental agreement (IGA) with the United States as of June 30. Agreement
Americas
US and Georgia sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Georgia has signed a Model 1 intergovernmental . . .
Americas
US signs Model 1 FATCA IGA with Holy See
The US Treasury Department has updated its FATCA website, reporting that the Holy See has signed a Model 1 intergovernmental agreement (IGA) with the US as of June 10. The text of the agreement is available. See, FATCA IGA – Holy See.
Americas
UK removes requirement to file nil FATCA returns, says holding and treasury companies need not report
The UK’s HM Revenue Customs on April 13 notified UK financial institutions that UK FATCA guidance will be amended to remove the requirement to file nil returns and to no longer require FATCA reporting by most holding and treasury companies. HMRC said the US IRS has changed its . . .
Americas
US IRS releases text of FATCA IGA with Kosovo
The US IRS has released on its website the text of a Model 1 FATCA intergovernmental agreement (IGA) signed with Kosovo. The agreement is effective as of January 7 . . .
Americas
Americas
Americas
US and Cambodia sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Cambodia has. . .
Asia-Pacific
US and India sign Model 1 FATCA IGA
The US and India have signed a Model 1 intergovernmental agreement (IGA) the Indian goverment announced . . .
Americas
US FATCA international data exchange service gateway opens, testing dates announced
The US’s FATCA International Data Exchange Service (IDES) Gateway has opened, allowing financial institutions and host country tax authorities to securely send FATCA information reports on financial accounts held by US persons to the IRS, the IRS announced March 3. IDES will operate on all major . . .
Asia-Pacific
Australia transmits data on 30,000 accounts to US under FATCA
Australia has, for the first time, transmitted information to the US government on US-owned financial accounts under an arrangement designed to combat offshore tax . . .
Americas
US court rejects bankers’ challenge to regs imposing penalties for failure to collect info on nonresident account data under FATCA scheme
The US Court of Appeals for the District of Columbia Circuit on August 14 rejected on procedural grounds a challenge to IRS regulations that impose a penalty if a bank fails to furnish information to the US government about interest earned by nonresident . . .
Americas
Ireland publishes FATCA user guides
Irish Revenue on June 23 published three FATCA user guides . . .
Americas
UK releases FATCA schema and supporting documents
The UK on Sept. 29 released the FATCA schema and supporting documents in advance of the availability of the FATCA service. See, release.
Americas
India releases guide for financial institutions on FATCA and CRS
India’s income tax department has released a detailed guide for financial institutions to assist with the implementation of FATCA and the common reporting standard for the automatic exchange of information. The 30-page guide, issued August 31, covers the types of institutions that must report, the types . . .
Africa
Americas
US IRS changes FATCA IDES enrollment process for USWA, TFIs, vendors, third party preparers
The US IRS on May 8 announced, via a notice sent through its FATCA News and Information update service, that the FATCA IDES enrollment process for US withholding agents (USWA), territory financial institution (TFI), vendors . . .
Americas
US IRS updates instructions for FATCA report
The US IRS has posted an update to the instructions for Form 8966, FATCA Report, for 2014. The IRS states that the update “supplements the Instructions for Form 8966 to correct and clarify certain references to the reporting requirements of participating [foreign financial institutions] for the 2014 year, including to reflect a correcting amendment to section 1.1471-4(d)(7)(iv)(B) of the temporary chapter 4 regulations (TD 9657).” See, Update to the Instructions for Form 8966 for 2014
Africa
US and Angola sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Angola and the US signed a Model 1 intergovernmental agreement (IGA) as . . .
