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.
Fancy a peek at Facebook’s earnings and tax bills? Tax Eurocrats certainly do. So keen are they to compel the world’s largest multinational corporations to open their tax arrangements with EU governments to full public scrutiny that the European Commission is expected to table the necessary legislation in April. Tax legislation in the EU… More What a Tangled Web!
(UK PM David Cameron and US President Barrack Obama.) It is increasingly likely that the U.K. and the U.S. governments will adopt different approaches to implementing the OECD’s final package of measures to tackle base erosion and profit shifting. The UK Position The U.K. government considers an inclusive, multilateral instrument to upgrade bilateral tax treatments… More UK and US Split on BEPS Implementation.
The United States Inland Revenue Service (IRS) plans to carefully consider any comments from stakeholders on its FATCA Reporting Form; a draft of which has now been released. The early publication of this document – referred to as Form 8966 – is interesting because it is not accompanied by any of the usual guidelines on… More IRS Welcomes Comments on Draft FATCA Reporting Form
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!
Your summary of the biggest tax, trade and investment headlines affecting International Business and Financial Services. Apple Guilty of E-book Price-Fixing Conspiracy UK Signs G5 Tax Agreement to Tackle Tax Evasion U.S Congressional Leaders Launch National Tax Reform Roadshow Concern about Privy and Competitiveness Fuelling FATCA Backlash Credit Suisse Can Reveal U.S Client Data to IRS 5 million U.S Citizens… More franhendy’s OFFSHORE WEEKLY
(Image courtesy the Guardian) …and confusion reigns! The on-line portal for foreign financial institutions (FFI) to register for FATCA set up by the U.S Internal Revenue Service goes ‘live’ on July 15 but the sign-in instructions have still not been finalised. Thousands of banks, insurance companies, investment funds and other FFIs with U.S. customers are required… More FATCA Registration Begins in 6 Days…