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.
In 10 reports released today, by the OECD Global Forum on Transparency and Exchange of Information, St. Lucia, Switzerland, Albania, Cameroon, Gabon, Pakistan and Senegal are all found ‘Largely Compliant with international tax transparency and exchange of information rules. The United Arab Emirates was found ‘Partially Compliant’ only. Both Ukraine and Liberia‘s legal and regulatory framework … More Just In: Switzerland Now ‘Largely Compliant’ with International Transparency Rules.
Non-disclosure or secrecy is fast becoming the new competitive advantage for US-based International Financial Centres. Early indicators show that money exiting reformed secrecy jurisdictions, like Switzerland and the Cayman Islands, is heading to US tax haven-states, like Nevada and South Dakota. The attraction lies in the several public assurances made by US officials that the … More How Secrecy Is Driving Offshore Business to the US.
(Swiss Finance Minister: Image courtesy Reuters) Proposed modifications to recommendations by the Financial Action Task Force (FATF) by Swiss law-makers have fuelled fears of Switzerland’s re-branding as ‘uncooperative’ by the OECD. The plan that has raised the ire of the Swiss Finance Minister would see an adjustment in the threshold which would trigger the characterisation of … More Fresh Fears of Swiss Blacklisting.
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
“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’.