Americas
US IRS update to FATCA FAQs advises of two incorrect field-level error messages
New frequently asked questions (FAQs) were posted to the US IRS’s FATCA website on August 27 under the subheading “Field Level Errors” as . . .
FATCA/CRS
Europe
Swiss Federal Council rejects “Yes to the protection of privacy” initiative
Switzerland’s Federal Council on August 26 announced that it will recommend that Parliament reject a move to heighten bank client confidentiality through the “Yes to the protection of privacy” initiative . . .
Asia-Pacific
India notifies rules for FATCA and common reporting standard
The Indian Government on August 7 notified rules enabling information reporting under FATCA and the common reporting . . .
Americas
US IRS updates FATCA FAQs on IDES technical issues
New frequently asked questions (FAQs) were posted to the US IRS’s FATCA website on May 8 covering technical issues associated with the FATCA International Data Exchange Service (IDES). The FATCA IDES is an electronic . . .
Europe
Americas
US says FFI in jurisdiction with “in-effect” FATCA IGA must obtain GIIN
A new FAQ was posted to the FATCA website on December 22, as follows . . .
Americas
IRS updates FATCA FAQs
The IRS updated the FATCA frequently asked questions and answers on July 23, providing . . .
Americas
Americas
US and Colombia sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Colombia has signed a Model 1 intergovernmental agreement (IGA) with the United States as of May 20. The text of the agreement is available. See, Model 1 IGA.
Americas
US makes changes to FATCA registration system
The US on October 6 made changes to the FATCA registration system and published an updated version of the FATCA Registration Online User Guide. See, FATCA Registration Online User Guide (PDF 8.91MB), FATCA website
Americas
Singapore proposes regulations to assist with FATCA
Singapore’s government has launched a public consultation on proposed regulations that would help financial institutions comply with the US Foreign Account Tax Compliance Act (FATCA). Singapore has substantially concluded a Model 1 Intergovernmental Agreement with the US, which will be signed in the fourth quarter of 2014. Release
Americas
Philippines updates procedure for FATCA compliance
The Philippines Department of Finance on September 8 advised that since the FATCA intergovernmental agreement (IGA) between The Philippines and the US has not yet entered . . .
Americas
Singapore updates FATCA reporting instructions
The Inland Revenue Authority of Singapore (IRAS) on April 17 updated information on its website concerning FATCA reporting. Changes were made to information on . . .
Americas
UK updates FATCA schema
The UK on January 13 released an updated schema and supporting documents for software developers working on the FATCA service . . .
Americas
US IRS updates tax forms and instructions for FATCA
The US IRS has posted new versions of forms and instructions to incorporate FATCA reporting requirements, as . . .
Americas
US and UAE sign Model 1 FATCA IGA
The US Treasury Department updated its FATCA website reporting that the UAE has signed a Model 1 intergovernmental agreement (IGA) with the United States as of June 17. The text of the agreement is available. The countries, on June 10, 2014, agreed . . .
Americas
Americas
US updates FATCA FAQs
New and updated FATCA frequently asked questions (FAQs) have been posted to the FATCA Website, as follows . . .
Americas
UK guidance implements automatic exchange of information
The UK government has released regulations implementing automatic exchange of information under the European Union Revised Directive on Administrative Cooperation and under the Multilateral Competent Authority Agreement implementing the Common Reporting Standard. The regulations, released March 24, also make minor changes to existing rules implementing the UK’s FATCA agreement . . .
Europe
Americas
Australia releases draft guidance on FATCA compliance
The Australia Taxation Office (ATO) has released draft guidance on how the ATO will administer and how financial institutions will comply with the FATCA intergovernmental agreement (IGA) between Australia and the United States. Comments on the draft are requested by July 18. Draft guidance
FATCA/CRS
US extends FATCA transition rules, modifies collateral restrictions on grandfathered obligations
The US IRS has announced that the FATCA regulations will be amended to extend transition rules for gross proceeds, foreign passthru payments, limited branches and limited . . .
Americas
FATCA IDES user guide updated, testing session scheduled
The US IRS, on February 17, announced updates to the FATCA International Data Exchange Service (IDES) user guide, including a revised data preparation section and more instructions. The IRS also said that an IDES sample test file has been added to the IDES Data File Preparation page and has scheduled a FATCA IDES open testing session for financial institutions and tax . . .
Americas
Canadian dual citizens move forward with FATCA IGA litigation – Tax, Society & Culture
Professor Allison Christians of McGill University provides an update of the lawsuit. See: Tax, Society & Culture. Related: MNE Tax.
Asia-Pacific
India changes procedures for registering and submitting forms under FATCA and CRS
The Indian government on September 4 updated the procedures that reporting financial institutions must follow to register and submit the Form 61B or nil statement for purposes of complying . . .
Americas
US IRS will not update FATCA schema for 2015
The IRS will not release an updated XML schema for FATCA reporting (Form 8966) for tax year 2015, the agency said August 10. In a new . . .
Americas
US signs Model 1 FATCA IGAs with Iceland and Romania
The US Treasury Department has updated its FATCA website, reporting that Iceland has signed a Model 1 intergovernmental agreement (IGA) with the US as of May 25 and that Romania has signed a Model 1 IGA with the US as of May 28. The text of the agreements are available. See, FATCA IGA with Romania, FATCA IGA with Iceland.
Americas
UK updates FATCA schema and supporting documents
The UK on May 26 updated the schema and supporting documents for Foreign Account Tax Compliance Act (FATCA) software . . .
Americas
US IRS updates FAQs on FATCA IDES system
The US IRS released updates to its frequently asked questions (FAQs) on the FATCA IDES system dated January 5. Under the “general questions” heading, the . . .
Europe
Switzerland adopts negotiation mandates for automatic information exchange
Switzerland’s Federal Council on October 8 released final negotiation mandates for introducing automatic exchange of information in tax matters with the EU, the United States, and other countries . . .
Americas
Asia-Pacific
United States and Azerbaijan sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Azerbaijan and the US signed a Model 1 intergovernmental agreement . . .
Americas
US and Portugal sign Model 1 FATCA IGA
The US Treasury Department has updated its FATCA website, reporting that Portugal has signed a Model 1 intergovernmental agreement (IGA) with the United States . . .
Americas
US IRS updates FATCA FAQ on FFI self-certification
A new frequently asked question (FAQ) was posted to FATCA website on February 2 in the in “General Compliance” category, as . . .
Americas
Americas
Proposed US rules require financial institutions to identify the beneficial owners of their legal entity customers
The US Department of the Treasury’s Financial Crimes and Enforcement Network (FinCEN), on July 30, released proposed rules that would require banks and other financial institutions to learn and verify the identity of the beneficial owners of their legal entity clients . . .
Americas
Europe
UK releases manual on automatic exchange of financial account information
The UK government on September 18 released a guide on automatic exchange of financial account information which focuses on the requirements of the OECD Common Reporting Standard (CRS) and . . .
Africa
Mauritius releases FATCA FAQs
The Mauritius Revenue Authority on August 28 released a list of frequently asked questions on FATCA . The 2005 deadline for FACTA reporting is August 31. See, Release.
