First a FATCA refresher: FATCA is the acronym for the provisions under the the US Foreign Account Tax compliance Act which became law in March 2010. FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts. FATCA focuses on reporting by U.S. taxpayers about certain foreign financial accounts and offshore assets by foreign financial institutions about… More FATCA Update.
No mention of any government plans to make public, national registers of the beneficial owners of ‘trusts’ was made by UK Prime Minister Cameron during his address to the Open Government Partnership Summit last week. Instead he declared his intent to make national registers of the ‘real’ or beneficial owners of companies publicly accessible, and… More Going Public II: What About Trusts?
At the 11th hour the U.S Treasury has postponed FATCA registration and withholding again. According to Treasury officials: “The FATCA registration Web site was scheduled to open on July 15, but that date has been pushed back until August 19, which will allow financial institutions more time to begin testing the process and entering information.”… More BREAKING NEWS: U.S Treasury Delays FATCA Again!
(U.S. Treasury Secretary Jack Lew Image:The Times) Hat-tip to repealFATCA. A leading member of the U.S. House of Representatives has struck what may turn out to be a mortal blow against “Foreign Account Tax Compliance Act” (FATCA). In a letter to U.S. Treasury Secretary Jack Lew, Congressman Bill Posey (R-Florida 8th), a key member of the House Financial Services Committee,… More FATCA is D.O.A: U.S Can’t Reciprocate Automatic Exchange of Information
(Miami Heat’s LeBron James Reuters Photo) FATCA may become a victim of its own success in mobilising action for the wider adoption of automatic exchange of information, as a means of arresting tax evasion and increasing transparency in the global financial system. Despite progress made by the U.S in concluding inter-governmental agreements (IGAs) to give… More FATCA May Not Be a ‘Slam Dunk’ After All.
Automatic Exchange of Information (AIE) is the systematic, periodic transmission of bulk confidential taxpayer information by authorities of one country to the country where the taxpayer, whose information is being transmitted, is resident. The other state being the source (of the income) state. These transmissions cover various types of income, including dividends, royalties, salaries and… More Automatic Exchange of Information: What You Need to Know Now.
“As a matter of course”……What does that mean really; and why is that language used in the recently signed Inter-Governmental Agreement (IGA) between Germany and US designed to help German financial institutions comply with the US Foreign Account Holder Tax Compliance Act? You couldn’t look much harder for a more imprecise expression than …”as a… More Why I’m Learning to Speak ‘American’.